Chubb Introduces New and Modernized Package Product for Commercial Clients
Chubb has launched the Benchmarq Package, an innovative insurance product tailored for the lower middle market. Designed to provide comprehensive coverage, Benchmarq offers enhanced property and liability protections, addressing gaps often overlooked by traditional policies. This scalable solution can be customized to meet the evolving needs of clients across various sectors, including education, manufacturing, and technology. Available in 29 states, Benchmarq will also be featured on the Chubb Marketplace this Fall. This initiative enhances Chubb's presence in a growing market segment.
- Launch of Benchmarq Package addresses a gap in the lower middle market.
- Offers robust coverage options with scalability for customization.
- Available in 29 states with plans for expansion into additional markets.
- Strengthens Chubb's position in the commercial insurance sector.
- None.
WHITEHOUSE STATION, N.J., May 21, 2021 /PRNewswire/ -- Chubb has introduced a new insurance product, Benchmarq Package, for the lower middle market segment, setting the standard for package policies focused on broader and more scalable coverage and efficiency. Benchmarq includes an expanded base coverage offering in both property and liability, resulting in insurance protection that is more inclusive than the typical industry package policies. While Benchmarq's base offering is optimal for smaller or less complex package risks, coverage can also scale up through higher limits and additional endorsements to create fully customized solutions for clients' unique and evolving needs in an underserved middle market space.
"Benchmarq helps to fill a gap in the lower middle market space that isn't typically served by either a traditional package or business owners insurance policy," said Ben Rockwell, Division President, Chubb Middle Market. "Chubb's new modernized package extends our reach within the middle market, and enables us to deliver the renowned insurance services and offerings we've become known for to an even broader range of clients, at a time when exposures in this space continue to emerge. We believe agents and brokers will benefit from the scalability, faster quoting, and streamlined product design—all backed by Chubb's specialized underwriting expertise, exceptional risk engineering and claims services, and global reach."
Some of Benchmarq's key product features include robust and scalable property and general liability coverages to protect clients from the risks they are most likely to face within the industries they specialize, including: education, food, manufacturing, professional services, real estate, retail, technology, wholesale, and wineries, with planned expansion into additional industries.
Benchmarq is currently available through field underwriters in 29 states, with more anticipated to become available in coming months. Benchmarq will be available on Chubb's award winning digital platform, the Chubb Marketplace, in the Fall of 2021. The Chubb Marketplace is designed to modernize the placement and service of small business insurance. For more information on the Chubb Benchmarq Package product, visit www.chubb.com/benchmarq.
About Chubb
Chubb is the world's largest publicly traded property and casualty insurance company. With operations in 54 countries and territories, 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. As an underwriting company, we assess, assume and manage risk with insight and discipline. We service and pay our claims fairly and promptly. The company is also defined by its extensive product and service offerings, broad distribution capabilities, exceptional financial strength and local operations globally. Parent company Chubb Limited is listed on the New York Stock Exchange (NYSE: CB) and is a component of the S&P 500 index. Chubb maintains executive offices in Zurich, New York, London, Paris and other locations, and employs approximately 31,000 people worldwide. Additional information can be found at: chubb.com.
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SOURCE Chubb
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