LONDON, Aug. 2, 2016 /PRNewswire/ -- Chubb today announced that it has enhanced its insurance policy wording for companies producing television and other advertising commercials, as the creative industry sector continues to grow and its risks evolve.
The enhanced wording is designed to meet the needs of commercial producers working to industry-standard Advertising Producer Association contracts in the UK and Ireland. The new wording includes a number of significant updates, including cover for emerging camera technology; automatic cover for antiques, objects of art; animal mortality; and visitors' personal property.
Other policy features and benefits include:
- Comprehensive cover through the production cycle, including pre-production, filming and completion of the post-production phase
- Business interruption risks, including Cast, Production Media, Extra Expense and Increased Cost of Working cover
- Property risks including theft, accidental damage and breakdown of equipment cover
- Third-party property risks (Property of Others)
- Public liability risks
- Flexible policy limits, tailored to each individual client's needs
- Available to purchase on a standalone basis or together with Chubb's advertising agency contingency policy
Frankie Hernandez, UK and Ireland Entertainment Manager for Chubb, said:
"The total UK advertising market grew to approximately £20 billion in 2015 and TV advertising spend exceeded £5 billion for first time*. But with the future outlook less certain, commercial producers need an insurance provider that genuinely understands their business and the evolving risks they face. Our new enhanced proposition underlines our commitment to working with brokers to provide producers with the comprehensive, market-leading cover they deserve in an increasingly high-tech and high-risk industry."
*Thinkbox, 'TV advertising spend in the UK tops £5 billion for first time', 23 February 2016
Chubb is the world's largest publicly traded property and casualty insurance company. 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. 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 and other locations, and employs approximately 31,000 people worldwide. Additional information can be found at: new.chubb.com.