BankBazaar Singapore – January 18, 2018
SINGAPORE: Property and casualty insurer Chubb Insurance has announced that it has added various new benefits under Chubb Work Guard. This is a workplace injury compensation insurance policy designed specifically for Singapore businesses. Chubb said the enhanced policy wordings will be applicable to all the risks bound from the beginning of 2018.
The move is aimed at helping businesses comply with the fast-changing workplace safety and health management system standards in Singapore, said Chubb in a statement. The redesigned policy now offers common law limit of S$15 million and medical expense coverage of S$300,000.
Citing the benefits of the enhanced policy, Chubb said that it now covers hospitalisation leave as well as death or permanent disablement resulting from a non-occupational accident. The two coverages are over and above the statutory requirements for such workplace injury compensation policies, it added.
Chubb said it has also added 12 new benefits to the policy. These include coverage for funeral expenses, staff replacement cost, HIV infection resulting from an accident, Traditional Chinese Medicine costs, and losses resulting from an act of terrorism, among others.
Commenting on the development, the company’s Country President for Singapore, Adam Clifford, said the policy has been redesigned to match the changing requirements of businesses in Singapore. He added that Chubb is committed to providing top-class workplace injury insurance solutions to protect employers from such liabilities.