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Chubb: New Insurance Option Helps Protect Assets of Relatives in Assisted Living Facilities

^{Published on 2009-02-04 12:44:39, Last Modified on 2009-02-04 12:45:31 - Market Wire}
 

WARREN, NJ--(Marketwire - February 4, 2009) - Families can get insurance to help protect the assets of relatives in assisted living facilities through the Chubb Group of Insurance Companies.

Under Chubb's Masterpiece® assisted living care option, policyholders can help protect the assets of parents or grandparents in an assisted living facility, children or siblings living indefinitely in a mental health care facility or any relative who requires continuous and indefinite residential care.

"Moving loved ones into an assisted living facility is a difficult decision that can expose them to new risks, such as theft and damage of personal belongings, identity fraud and personal liability," said Peter Spicer, communications manager for Chubb Personal Insurance.

According to U.S. Census figures, about 6.5 million older people need assistance with daily living activities. That number is expected to double by 2020.

And according to a nationwide survey of more than 1,000 people conducted by Opinion Research Corp., 62 percent of respondents are very concerned that a relative living in an assisted living facility or nursing home could become a victim of theft. Sixty-seven percent are very concerned the family member could become a victim of a scam or identity theft, and 51 percent are very concerned that he or she could become involved in a physical or verbal altercation.

"It's never easy to entrust the care of loved ones to an assisted living facility," Spicer said. "Our new option gives families peace of mind by offering coverage for loss to their relative's property and asset protection from liability exposures."

Premiums start at $50 a year for $5,000 of coverage, and $5 more for each additional $1,000. Property limits can go as high as $250,000. The option also provides reimbursement for additional living expenses if a covered event -- such as a hurricane that forces an evacuation -- impacts a relative's residential facility.

For no additional charge, the option can extend a policyholder's liability limit -- up to $50 million -- to their relatives-in-care. The option also includes coverage for up to $25,000 in medical payments, $15,000 for damaged property and at least $50,000 for identity fraud.

The assisted living care coverage option is now available in Colorado, beginning a nationwide roll-out.

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 8,500 independent agents and brokers. Chubb's global network includes branches and affiliates in North America, Europe, Latin America, Asia and Australia. Chubb is a worldwide leader in insuring fine homes, automobiles, yachts, antiques and other collectibles, and personal liability. Additional information on Chubb can be found at [ www.chubb.com/personal ].