What’s new: In brief (April 12, 2005)

Chubb Insurance Co. has launched a new product aimed at the new risks being faced by Canadian businesses, from the Internet to U.S. exports. The “MasterKey” policy provides coverage for new exposures such as event cancellation, ocean cargo, kidnap & ransom, political risk, product recall and more, and optional covers such as D&O. It also provides a “basked” limit of insurance that allows insurance dollars to be used where they are needed most after a loss. And it offers business interruption coverage for periods potentially in excess of the standard 12 month limit on indemnity. “”Chubb’s new MasterKey policy is an innovative insurance product that responds directly to the insurance needs of our customers in today’s business environment” says Fred Shurbaji, senior vice president of Chubb Canada’s commercial insurance division.

Lawrie Savage & Associates has been selected by the Financial Sector Reform and Strengthening Initiative (FIRST) to serve on its panel to address insurance and pension supervision. First is a US$53 million program funded by the World Bank, USAID, the Inter-American Development Bank, the Canadian International Development Agency and other groups to support financial services development projects in developing countries. “The globalization of financial systems makes it all the more important to ensure that international core principles and best practices are properly implemented and maintained,” notes a company release. LS&A has worked on insurance and pension supervision projects in more than 25 countries since 1997.

Jeff Shurtleff has been promoted to vice president of Cunningham Lindsey Canada’s commercial risk division, located at its central division office in Toronto. Shurtleff has been with the adjusting and loss management firm since 1996, and has more than 20 years’ insurance industry experience. His responsibilities will include promoting the commercial risk product line, offering technical assistance and quality control.