[September 10, 2014] |
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Innovative Travel Insurance and Trust and LLC Coverage Enhancements to Prestige Home Premier from Fireman's Fund
NOVATO, Calif. --(Business Wire)--
High net worth homeowners require protection tailored to their unique
needs, which is why Fireman's Fund (www.firemansfund.com)
has unveiled new coverages and enhancements to its Prestige Home?
Premier product, now available in six states and filing nationwide
through 2016.
Homeowners in Arizona, Colorado, Connecticut, Illinois1,
Missouri, and Oregon are now able to take advantage of the new product,
which includes first-of-its-kind travel coverage endorsed directly onto
the homeowner policy, with a convenient once-per-year purchase to cover
all travel for any household family residents within a policy year.
Additional leading features include extensive equipment breakdown
protection, and including certain Trusts & LLCs in the definition of an
insured.
"From families with generational wealth to entrepreneurs, we understand
the complexities that come with protecting high net worth individuals
and their assets," said Joe Kinsey, field vice president of personal
insurance, Fireman's Fund. "As the technology and risks affecting
homeowners' lives change and evolve, so should their insurance
protection."
New and enhanced endorsements include:
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Prestige Journeys?: administered by Allianz Global Assistance,
which, like Fireman's Fund, is a company of Allianz, the Prestige
Journeys? endorsement provides travel coverage including, but not
limited to, trip cancellation/interruption or delay, plus 24-hour
assistance for all resident family members in the household.
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Equipment breakdown: administered by Hartford Steam oiler, a
company of Munich RE, this endorsement provides extensive coverage in
the event of equipment or service line failure, such as central air
conditioning unit suffering a crack that leaks refrigerant or a tree
root puncturing the sewer line.
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Loss-free deductible reduction: for loyal policyholders, this
new endorsement rewards them by reducing the deductible in the event
of their first loss by 10% per year for each consecutive year they
remain loss-free.
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Enhanced fraud protection: coverage if a policyholder loses
money, securities or other property directly due to fraud,
embezzlement or forgery (including counterfeit art).
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Green: up to $25,000 for loss of green tax incentives and up to
the same to hire a LEED® accredited professional engineer for home
design and construction after a loss.
New coverages include:
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Trusts and LLCs: to accommodate for the rise in use of these
among the wealthiest Americans, Residence Trust or LLCs have been
added to the definition of 'insured.' Should a policyholder forget to
notify their agent of the trust/LLC that owns their premises they will
now be covered to adhere to underwriting guidelines. This enhancement
will quicken the claims process in the event a client forgot to notify
their broker.
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Wildfire loss avoidance: up to $10,000 for incurred moving and
storage expenses for personal property (such as collections and other
valuables) in moving these items to higher ground in the event of an
advancing wildfire.
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Mortgage expense reduction: in the event of a total loss where
the home is re-built in the same location, up to $50,000 will be paid
for the increased monthly payment of a new mortgage due to a higher
interest rate.
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Loss prevention device: coverage increased to $5,000 to protect
the policyholder's residence against the same or similar future loss
by installing a loss-prevention device. Eligible losses include water,
fire, hail and theft.
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Domestic animal: damage to covered property caused by a
domestic animal, including expenses incurred for pet care as a result
of loss including kenneling and veterinarian services.
For more information on Prestige Home? Premier coverages and the
anticipated roll out schedule in additional states, please contact Brett
McKenzie Wood, Market Management, Fireman's Fund: [email protected].
Please note that the insurance policy, which may contain limits,
exclusions and limitations not detailed in this article, forms the
contract between the insured and the insurance company.
1 Travel coverage not yet available in Illinois.
About Fireman's Fund Insurance Company
As a premier property and casualty insurance company, Fireman's Fund has
protected the future for its customers for more than 150 years. With
innovative products backed by superior claims and risk management
solutions, Fireman's Fund is a leader in high net worth, entertainment,
and commercial insurance. Fireman's Fund is a member of the Allianz
Group - one of the world's largest insurance providers - and has a
strong financial foundation. For additional information, visit firemansfund.com.
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