Global insurer and reinsurer Chubb has introduced a new insurance product, Benchmarq Package, for the lower middle market segment.
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 customised solutions for clients’ unique and evolving needs in an underserved middle market space.
Ben Rockwell, Division President, Chubb Middle Market commented: “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.”
“Chubb’s new modernised 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 specialised underwriting expertise, exceptional risk engineering and claims services, and global reach,” he added.