Chubb Details Structure of the Gulf Maritime Insurance Facility with DFC

Details of the facility include:

• Commercial shipping plays a vital role in the global economy. To help restore market confidence and facilitate the world's critically important energy and commercial trade, the United States Government, through DFC, is partnering with Chubb to create a maritime insurance facility.
• Chubb, acting as lead underwriter, will manage the facility, determine pricing and terms, assume risk, and issue policies for eligible vessels and cargo. Chubb will also manage all claims.
• DFC will help coordinate the consortium of American reinsurers and set certain criteria for ships accessing the program.
• The initiative is a public-private partnership between DFC, Chubb and other name-brand American insurance companies who will act as reinsurers. Participating insurers bring deep underwriting experience in marine and marine war coverage. 
• The facility will provide war marine risk insurance for hull & liability as well as cargo. Coverage will be offered for war hull risk insurance, for war P&I insurance and war cargo insurance. 
• The offering will apply to vessels that meet eligibility criteria provided by the U.S. Government.
• This insurance will be available to ships transiting the Strait of Hormuz and only under certain conditions. 
• The additional American insurance companies will be disclosed in the coming days. 

About Chubb
Chubb is a world leader in insurance. With operations in 54 countries and territories, 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. The company is 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 employs approximately 45,000 people worldwide. Additional information can be found at: www.chubb.com.