The Complete Guide to Writing Personal Insurance with Chubb

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Transcript of The Complete Guide to Writing Personal Insurance with Chubb

Developing Business Unit The Complete Guide to Writing Personal Insurance with Chubb
Chubb iChubb is the marketing name used to refer to subsidiaries of Chubb Limited providing insurance and related services. For a list of these subsidiaries, please visit our website at www.chubb.com. In Canada, Chubb operates through Chubb Insurance Company of Canada and Chubb Life Insurance Company of Canada. All products may not be available in all Canadian jurisdictions. In the United States, insurance is provided by ACE American Insurance Company and its U.S. based Chubb underwriting company affiliates. This communication contains product summaries only. Coverage is subject to the language of the policies as actually issued. Chubb is the world’s largest publicly traded property and casualty insurance group. With operations in 54 countries, Chubb provides commercial and personal property and casualty insurance, personal accident and supplemental health insurance, reinsurance and life insurance to a diverse group of clients. Chubb Limited, the parent company of Chubb, is listed on the New York Stock Exchange (NYSE: CB) and is a component of the S&P 500 index. PRS032016
Contacting the DBU
Contact the DBU Line first! O +1–855–728–4DBU E [email protected] DBUcanada.com
How to Report a Claim
O +1–800–532–4822 E [email protected] chubbinsurance.com
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Contents
@Chubb Canada Brokersite 12
Masterpiece® Guide to Premium Credits 18
Chubb at a Glance 22
Products and Services
Claims Service 24
Dear Valued Insurance Broker,
Thank you very much for your interest in doing business with Chubb Insurance Company of Canada. This information package is intended to introduce and immerse you with Chubb’s value proposition, our products and services, as well as provide the tools to efficiently conduct business together. You can also find an electronic copy of this package and much more at our website www.DBUcanada.com.
The Developing Business Unit (DBU) has been established to help independent brokerages grow their high net–worth book of business with Chubb. There is no minimum volume needed to write with us but at the same time, we welcome the opportunity to work closely with you to become a fully contracted Personal Lines brokerage. Please take the time to read through the material to familiarize yourself with both Chubb and the Developing Business Unit. We encourage you to share this information with your team and to keep this package handy when you are thinking of quoting large homes and affluent clientele.
As a guideline, our minimum Replacement Cost threshold for homes in Canada is $1,000,000 and $200,000 for Condos and Renters policies. We can consider offering Automobile Insurance and payment by Agency Bill when a minimum of $100,000 of Personal Lines premium has been attained.
We offer 15% commission rates on Homeowners, Renters, Condos, Valuable Articles, Excess Liability and Watercraft. Personal Auto commission ranges by province between 10% and 12.5%. Please note that new accounts over $15,000 are eligible for 20% commission on some lines of business.
We are confident that your brokerage will be an excellent addition to Chubb’s network of reputable Canadian brokerages. We welcome you and your team to Chubb’s Developing Business Unit. If you have any questions or concerns about the requirements and restrictions mentioned, please do not hesitate to call us.
Sincerely, Your Developing Business Unit Team
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Do I Need a Contract to Write Business With Chubb?
No you don’t! The Developing Business Unit (DBU) gives high–quality, independent brokers the ability to sell Personal Insurance from Chubb, one of the highest rated insurance companies in the world, without a broker appointment. There is no contract or minimum premium required.
What is Chubb’s Target Market? The minimum replacement cost threshold for Homes is $1,000,000 and $200,000 for Condos or Renters. We aim to write well–rounded accounts, with primary and seasonal homes, valuable articles, watercraft, and excess liability. Visit us at www.DBUcanada.com for information on our products and coverages.
Do I Have Access to Auto? Your brokerage will be considered for automobile coverages with a profitable Personal Lines portfolio in excess of $100,000 and with a minimum of 10 clients. This does not apply in Quebec.
How Can I Get a Contract With Chubb? Brokerages are eligible to become fully contracted when they write a minimum of $500,000 in premium combined with consistent growth and profitability results.
Do I Have Access to Commercial and Specialty Insurance Products? Yes! Please log onto the DBU website for information about our Commercial and Specialty Lines. www.DBUcanada.com
Do I Have Access to Monoline Policies? Accounts should be rounded with the primary and secondary locations, Valuable Articles, Family Protection and Excess Liability; however, we may be able to accommodate monoline policies for VAC.
Can I Write a Course of Construction (COC) Policy With Chubb? Yes, COC policies are an accommodation line of business. Typically, they are considered for existing insureds or well–rounded new accounts.
How do I Get a Broker Code?
Working With Chubb
You will receive a broker code by completing the Agency Application found on our website under ‘Apply to Become a Chubb DBU Broker’ and by sending it to one of our DBU Underwriters. Please also send us your brokerage’s E&O certificate and provincial License Registration certificate.
How do I Get Access to the @ChubbCanada Broker Portal? You can get access to the brokersite or refresh your password, by emailing [email protected]
Contacting Chubb
How Can I Contact Chubb? You can reach the Personal Lines Service Centre (PLSC) or an Underwriter by calling the toll–free DBU Line at 1–855–728–4DBU. You can also email us at [email protected] or quote online at https://broker.chubbinsurance.ca
Who do I Contact at Chubb? Please call us 1–855–728–4DBU. Our Personal Lines Service Centre (PLSC) has a designated DBU team to efficiently set–up quotes, make changes and help with general inquiries. The PLSC is open until 7PM EST to serve our brokers who operate in Western Canada and for those who work late! When underwriting approval is required, you will be transferred to one of the Canadian DBU underwriters.
Quotation & Billing
What information do I need to quote? The New Business Application, found on Page 9 and on our website, provides an excellent resource for all of the client and risk information you will need to obtain a quote with Chubb.
Do I have binding authority? No, as a DBU broker you do not have any binding authority with Chubb. You must
speak to an Underwriter for final approval after setting up a quote in the PLSC.
When do I require UW approval and how do I obtain it? You will need underwriter approval for all new line quotes and all endorsements that create a material change in the risk. In many instances, the PLSC will reach out to underwriting for you. However, to contact an underwriter directly, please call the DBU line.
How do I bind coverage? After securing underwriter approval, you can bind coverage by calling 1–855–728–4DBU. Prior to issuance, the PLSC will seek the following information if it has not already been provided: billing details, client contact number for inspection booking purposes, mortgage information, prior policy number and carrier info. We will run all HITS, MVR’s and Auto+ at this time.
Commission
What are the Commission Rates? You will earn a commission of 15% on all Property, Valuable Articles, and Excess lines. However, on newly written Signature accounts, property commissions will be increased to 20%.
What is a Signature Client? We define a Personal Lines Signature client as an account with premium of $15,000+. Commissions will be increased to 20%.
Billing
What are My Billing Options? We offer Direct Billing to our DBU brokers. Payment can be set–up by Credit Card or Pre–Authorized Chequing, either through a lump sum payment or 12 monthly payments. As of June 1, 2016 Ontario auto policies will receive 1.3% installment fees for monthly billing. All payment options can be set up on either the 1st or 15th of the month.
Agency Billing is considered when volume exceeds $100,000 and with a minimum of 10 clients.
Risk Inspection
Will you be Conducting an inspection of the Home? We conduct complimentary home inspections. For interior inspections, an experienced in–house Chubb risk consultant will walk through the home. For most properties under $1,000,000, a risk consultant will complete an exterior inspection. Condo inspections are done when the total insured value exceeds $2,000,000.
How are Risk Inspections Scheduled? Inspections will be scheduled directly with the insured after a property policy is issued. The risk consultant dispatch team will reach out to the client by phone or email to book a mutually convenient time with the insured. Inspection hours typically run Monday to Friday, 8AM to 4PM.
What Will be the Result of a Risk Inspection? The risk consultant will determine a replacement cost value for the home, confirm and research fire protection details, and may make safety and loss mitigation recommendations or requirements. After the inspection, if the value has increased, we will endorse the policy. If the value has decreased, we require your express instruction to reduce the replacement cost and contents. Any Critical Requirements will need to be complied with before the due date stated on the inspection report, or underwriting action may be taken.
How Do I Obtain a Copy of the Policy Print or Inspection Reports? You will receive the client’s copy of the policy and inspection by courier. The broker’s copy can be found on our @ChubbCanada brokersite. You can also view property
inspections, billing info and other detailed policy information here.
How Can I Get An Additional Copy of the Policy or Risk Inspection? If the policy has been misplaced or accidentally destroyed, the PLSC would be happy to provide you with a new copy – just give us a call at 1–855–728–4DBU.
When Do I Need An Appraisal for Valuable Articles? An appraisal will be required when an individual item exceeds the following values: $250,000+ for Fine Art, $100,000+ for Jewellery, $10,000 for single bottles of wine, and $50,000 for silverware, cameras, stamps, coins, memorabilia, etc.
Marketing
Is there any marketing material available to me? Yes! You can find product tip sheets, at www.DBUcanada.com and on our @ChubbCanada Brokersite at https://broker.chubbinsurance.ca. They provide an excellent overview of our key features and are excellent tools to use when presenting our products to your clients. We encourage you to use them within your brokerage and to send them to existing and prospective insured’s.
Can I find this information online? All of the information you need in order to work efficiently with Chubb can be found online at www.DBUcanada.com and at our @ChubbCanada brokersite at https://broker.chubbinsurance.ca.
Quote Chubb Today at:
1–855–728–4DBU or visit our website at DBUcanada.com
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Phone (Work or Cell): Home DOB for All Named Insureds:
Property Information (Complete for Each Location)
Address: Prior Insurance Information (Complete for Each Location)
Prior Insurance Experience? Yes £ No £ City & Province: Prior Carrier:
Postal Code: Prior Policy Number:
Add’I Named Insured: Reason for Leaving:
Relationship: Years You Have Know I/S:
Add’I Named Insured: Origin of Business?
Relationship: Other? Please Explain
Property Type: Recent Gap In Insurance? Yes £ No £ Primary Residence? Yes £ No £ Unique Property Features (Complete for Each Location)
Home Square Footage: Outstructures (Description):
Year Built: Outstructures (Description):
Replacement Value: $ Outstructures (Description)
Deductible: $ Upcoming Renovations (Complete for Each Location)
Personal Liability Limit: $ Any Upcoming Renovations? Yes £ No £ Will This Home be Fully Occupied at Inception? Yes £ No £ Renovation Budget $
Prior Location Address: Renovation Details $
Mortgage Information Complete for Each Location
City, Province: # of Mortgages:
Risk Protection & Loss Control (Complete for Each Location)
Mortgages Address:
Distance to Fire Hydrant m Mortgagee Name #2:
Distance to Fire Station km Mortgagee Address:
Earthquake: Indicate # of Stories; Foundation, Roof Cover & Construction Type City, Province:
Superior Protection Credits Available: Postal Code:
Advise if Any Apply:
Loss History: Please provide loss history for a minimum of five years
Date of Loss: Loss Description: Amount Paid
$
$
$
$
Valuable Articles Coverage (VAC): A Minimum $10,000 Quote Will be Provided.
Location Address if Different Than Risk Address:
Blanket Value Itemized Value
Jewellery — Out of Vault $ $
Jewellery — In Bank Vault $ $
Request Limit $ # of Vehicles: # Locations: # Watercraft:
Driver Name Driver License # Province Date of Birth # of Infractions # of Claims
1.
2.
3.
4.
5.
For Quebec only, do your client and all named insureds give consent to have their credit score accessed for the purpose of underwriting their insurance policy?
Notice The submission of this Application does not obligate the Company to issue, or the Applicant to purchase, a policy. The applicant will be advised if the Application for coverage is accepted. The applicant hereby authorises the Company to make any inquiry in connection with this Application.
Material Change If there is any material change in the answers to the questions in this Application or in any attachment before the policy inception date, the applicant must immediately notify the Company in writing, and any outstanding quotation may be modified or withdrawn.
False Information Any person who, knowingly and with the intent to defraud any insurance company or other person, files and application for insurance containing any false information, or conceals, for the purpose of misleading, information concerning any fact material thereto, commits a fraudulent insurance act, which is a crime.
Declaration and Signature For the purpose of this Application, the Applicant declares to the best of his/her knowledge and belief, after reasonable inquiry, the statements made in this Application and any attachments or information submitted with this Application, are true and complete. The Applicant agrees that this Application and its attachments shall be the basis of a contract should a policy providing the requested coverage be issued and shall be deemed to be attached to and shall form a part of any such policy. The Company will have relied upon this Application, its attachments, and such other information submitted therewith in issuing any policy.
This document is a quoting tool only. It does not have to be completed if you phone in. To call a quote, please call 1–855–728–4DBU. Thank you!
Yes £ No £
Writing Business with Chubb
1. How Do I Get a Quote? • Collect all of the client and risk
information found on the New Business Application.
• Call Chubb’s DBU Toll Free Number at 1–855–728–4DBU.
• A quote will be released or you will be transferred to Underwriting for approval.
2. Selling Chubb Coverage • Sell Sheets & Marketing Material
are available at: www.DBUcanada.com. • https://broker.chubbinsurance.ca
3. Binding Coverage? • Call Chubb at 1–855–728–4DBU. • Please Note: Underwriting Approval
MUST be secured before issuance. • The PLSC will seek the following
information if it has not already been provided: billing info, client contact number, mortgage information, prior policy number and carrier. We will also pull HITS, MVRs, and Auto+.
4. Risk Inspection Process • All homes undergo a mandatory
home inspection. • Most homes under $1,000,000
(Replacement Cost Value) will receive an exterior home inspection.
• Chubb will contact the client directly to book a home inspection.
• Critical Requirements: Risk inspections may uncover issues that compromise the risk. Risks can be improved with loss control measures such as alarms, water mitigation devices, alternate water sources, etc. The inspection report will outline the requirements and the due date.
• Changes in replacement cost or protection class may result in a change in premium.
5. Policy and Risk Inspection Print • The client’s copy will be mailed to
the broker. There will be no broker print – all policy information can be viewed online at https://broker.chubbinsurance.ca
• If you are having difficulties accessing the Broker Portal, please call us for assistance.
• Chubb provides download services to all broker management systems (bms). eDocs service is also available with most current BMS versions. Please contact the PLSC for more information to enrol.
6. Changes & Renewals • Call Chubb at 1–855–728–4DBU or
go to the Broker Website and us Endorsement Templates.
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@ChubbCanada Brokersite
Account Rounding Easily round–out client accounts by taking advantage of our real–time quoting tool to quote our Masterpiece® products, including property and automobile. The quick quote design provides you with accurate quotes in seconds!
Quote Coverage & Deductible Options Ensure your customers have the most comprehensive coverage. View coverage details and take advantage of the ability to quote various deductible options with the help from the intuitive quoting tool.
Billing Management Track premium history and view future billing schedules all with the click of a button! The billing feature is an invaluable tool that can also be used to update and change payment methods.
Greater Flexibility Quote, endorse, manage and update your Chubb clients’ information at your convenience. The site is available 24/7.
Marketing Information & Reference Tools Access a wealth of Chubb reference material directly from the site. View provincial contract guides, rate & rule manuals, coverage highlights
and recorded webcast presentations at any time.
Risk Inspection Information & Policy Documents View client home inspections on–line as well as detailed property information. Also access your customers’ policy information whether it is from a prior term, or for the current or renewal term.
Claims Notifications Stay informed regarding the latest claims that impact your Chubb portfolio with our open and close notices posted on the site.
Print Quotes Present your clients with a professional quote using the .pdf print quote function when quoting a Masterpiece® product on–line.
Obtain pricing prior to binding Simply quote online to obtain a price indication for your clients! Once confirmed, the request issuance process ensures accuracy and timeliness!
Security & Confidentiality The site has been designed utilizing the highest levels of security available. Your customer’s information is protected and kept confidential!
Chubb Services Risk Inspections
Your customer’s residence and possessions are unique, and Chubb Insurance Company of Canada recognizes this through our complimentary home inspection.
Skilled Professionals With backgrounds ranging from engineering, architectural design and construction, Chubb’s in–house staff of risk consultants is well versed in the various aspects of fine homes.
Unique and Tailored Service Our risk consultants take digital photographs, physical measurements, and note the unique features of the home to ensure an accurate replication. All factors, such as architect fees, interior designers, custom craftspeople, specialty suppliers, etc., are considered in your valuation so that there are no surprises at time of loss.
Loss Prevention Chubb risk consultants offer recommendations to improve the safety of your customers’ home and family (fire and burglary protection/prevention) and reduce the likelihood of loss.
Replacement Cost Valuation Our risk consultants liaise with a network of suppliers, builders, architects, engineers,
and designers to determine the actual replacement cost of the home. This is more accurate and preferred to a home’s market value, which depends on real estate market factors and other variables.
Elegant Inspection Reports All information gathered, including photographs, floor plan, and home features is bound in an easy–to read report.
Complimentary Service Our complimentary property inspection service is a value added reason why many customers and brokers choose Chubb.
Innovation Chubb is constantly improving and enhancing the inspection process. Each risk consultant is equipped with a tablet that is linked with our systems, ensuring accurate and efficient reports. The Chubb Reputation With decades of experience insuring and inspecting fine homes (over 55,000 worldwide annually and nearly 6,000 per year in Canada), we appreciate the complexity and care required in rebuilding custom, architecturally unique, and older homes.
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Risk Inspection Requirements Overview
Home inspections are conducted by our expert in–house risk consultant team. In addition to determining the accurate replacement cost, the risk consultant will conduct a risk analysis and may make recommendations or requirements to improve the safety and risk…