Chubb Alters Wind Coverage Offer in Southern Florida Coastal Counties
Chubb Personal Insurance has notified its agents it is no longer including wind coverage in Masterpiece homeowners insurance policies for new customers in 14 Southeast and Southwest coastal counties in Florida.
The insurer, however, is making wind coverage available on new business in these counties on a non-admitted basis through its Chubb Custom Insurance Co. (CCIC).
According to a recent letter sent to agents, the new approach went into effect April 15 in Broward, Hillsborough, Miami-Dade, Sarasota, Charlotte, Indian River, Monroe, St. Lucie, Collier, Manatee, Palm Beach, Lee, Martin and Pinellas counties. Chubb will continue to offer new customers in these counties “ex-wind Masterpiece homeowners coverage,” according to the letter.
For new business in these counties that was approved and bound before April 15, Chubb said it will honor the quotes when issued within 30 days of the date first bound.
The change only affects new business in the 14 southern coastal counties; Chubb is continuing to write wind coverage on new business in all other counties in the state.
Agents can access the non-admitted CCIC wind coverage through The St. James Insurance Group in Orlando, which is a Chubb approved program manager.
The notification to agents was signed by Nick Alexander, Chubb’s field sales manager for Florida.
A Chubb spokesman declined comment.
The Chubb announcement is the latest in a series of market disruptions for Florida’s homeowners insurance market. The state’s largest private home insurer, State Farm, is planning its withdrawal from the market statewide, while another insurer, Encompass Insurance, has its withdrawal plan already underway. People’s Trust has been ordered to stop writing new business and Coral Insurance has stopped writing and been placed into receivership.
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