Chubb Enhances Political Risk Insurance Product Capabilities.WARREN, N.J.--(BUSINESS WIRE)--June 24, 1998--The Chubb Group of Insurance Companies announced that it has increased its political risk per risk capacity to US$50 million and the policy term to five years for investment risks and has expanded its product offerings. Investment risks include confiscation confiscation In law, the act of seizing property without compensation and submitting it to the public treasury. Illegal items such as narcotics or firearms, or profits from the sale of illegal items, may be confiscated by the police. Additionally, government action (e.g. , expropriation The taking of private property for public use or in the public interest. The taking of U.S. industry situated in a foreign country, by a foreign government. Expropriation is the act of a government taking private property; Eminent Domain is the legal term describing the and nationalization nationalization, acquisition and operation by a country of business enterprises formerly owned and operated by private individuals or corporations. State or local authorities have traditionally taken private property for such public purposes as the construction of . New products available include contract frustration, wrongful wrongful Forensic medicine An adjective with considerable medico-legal currency, used in several contexts. See Negligence. Wrongful Wrongful death An event that is usually regarded as negligent. See Negligence. calling of guarantee, and non-repossession of assets. "Recent events in Asia and the Pacific Rim Pacific Rim, term used to describe the nations bordering the Pacific Ocean and the island countries situated in it. In the post–World War II era, the Pacific Rim has become an increasingly important and interconnected economic region. emphasize the speed at which political instability can occur almost anywhere in the world," said Pat Skold, political risk consultant on staff for Chubb & Son. "Because Chubb's customers are rapidly venturing overseas, we want to make sure our policy -- in combination with Chubb's superior financial ratings and outstanding claim service -- can help minimize the financial risks a company takes when investing assets in other countries." Contract frustration insurance helps protect against contractual default that leads to financial loss caused by an act of government or by an agent of government. Limits are available up to $20 million per transaction, with a policy term of up to three years. The wrongful calling of a guarantee product applies to loss where stand-by letters of credit that have been posted as a guarantee of performance are called due to acts of government. Limits are available up to $20 million per transaction, with a policy period of up to three years. Non-repossession of assets can be tailored to insure equipment or aircraft. The insurance applies if a company is unable to repossess repossess v. to take back property through judicial processes, foreclosure, or self-help upon default in required payments. an asset in accordance with a lease agreement or mortgage due to acts of government. Limits are available up to $50 million per insured per country, with a policy period of up to five years. For further information, contact Pat Skold at (908) 903-7050 or Fredrik Murer at (908) 903-5637. The member insurers of the Chubb Group of Insurance Companies form a multi-billion dollar organization providing property and casualty insurance for personal and commercial customers worldwide through 5,000 agents and brokers. Chubb's global network includes branches and affiliates throughout North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. , Europe, Latin America Latin America, the Spanish-speaking, Portuguese-speaking, and French-speaking countries (except Canada) of North America, South America, Central America, and the West Indies. , Asia, and Australia.
CONTACT: Chubb Group of Insurance Companies
Donna Lovre, 908/903-2107
or
Gilbert, Whitney & Johns, Inc.
Mark Schussel, 973/386-1776
|
|
||||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion