Chubb building insurance: what each policy covers, and who underwrites it
5 building policies from Chubb. For each: how the building is valued, whether flood and accidental damage are covered, and what happens once the building is left empty, with the sentence from its own documents. Underwritten by Chubb Insurance Australia Limited.
- Website
- chubb.com/au-en/
- What it is
- Insurer
- Listed on
- Houses and rental properties, Business premises and property owners, Factories, warehouses and large property (ISR)
- Underwriter
- Chubb Insurance Australia Limited
- APRA
- Authorised by APRA to write new general insurance (listed as Chubb Insurance Australia Ltd)
Building policies
Chubb Masterpiece (Home & Contents)
- Type
- Prestige home · Residential
- Sold
- Through a broker
- Building valued as
- Choice of basis
- Flood
- Optional extra
- Accidental damage
- Not stated
- Left empty
- Extra excess after 60 days. You must tell the insurer. Applies when the house is substantially empty of furnishings and contents. Deductible is 5% of the house sum insured (or the scheduled one if greater) unless waived in writing beforehand; extra premium charged.
- Who it is for
- Owners of a residential building with a sum insured of at least $1,500,000 (and contents of at least $300,000 where contents are insured).
- Documents
- Masterpiece Product Disclosure Statement and Policy Wording (published 02/2022) (1 February 2022) · Masterpiece Target Market Determination (published 01/2024) (1 January 2024)
- Extended Replacement Cost means the Reconstruction Cost even if this amount is greater than the Sum Insured for the House (no cap), where the Coverage Summary shows that payment basis.
- Flood is excluded unless specifically noted in the Coverage Summary.
- Sold only through Chubb's approved network of insurance brokers/agents; not available to buy online direct from Chubb.
- The PDS is a 2022 edition; the PDS states accident and other damage only as 'physical loss or damage', so no accidental damage rating is recorded.
The policy
“Product Name: Masterpiece (PDS Number 22PDSMASTERPIECE01) (the Product)”
Source: chubb.com/content/dam/chubb-sites/chubb-com/au-en/individuals-families/policy-wordings-and-documents/chubbmptmd-0124-masterpiece-tmd.pdf · Confirmed on the insurer's page on 13 November 2026.
How it is sold
“This Product is distributed by Chubb's approved network of licenced insurance brokers (Distributor) and is not available online for customers to purchase directly from Chubb Insurance Australia Limited.”
Source: chubb.com/content/dam/chubb-sites/chubb-com/au-en/individuals-families/policy-wordings-and-documents/chubbmptmd-0124-masterpiece-tmd.pdf · Confirmed on the insurer's page on 13 November 2026.
How the building is valued
“Your Coverage Summary indicates whether the payment basis in respect of a Covered Loss is Extended Replacement Cost or Verified Replacement Cost for each House.”
Source: chubb.com/content/dam/chubb-sites/chubb-com/au-en/individuals-families/policy-wordings-and-documents/masterpiece-policy-wording.pdf · Confirmed on the insurer's page on 13 November 2026.
Flood
“no cover for Flood and Action Of The Sea unless specifically noted in Your Coverage Summary”
Source: chubb.com/content/dam/chubb-sites/chubb-com/au-en/individuals-families/policy-wordings-and-documents/masterpiece-policy-wording.pdf · Confirmed on the insurer's page on 13 November 2026.
Left empty
“If the House has been substantially empty of all unfixed furnishings and all Contents for more than 60 consecutive days at the time of a Covered Loss, the Vacant House Deductible will apply”
Source: chubb.com/content/dam/chubb-sites/chubb-com/au-en/individuals-families/policy-wordings-and-documents/masterpiece-policy-wording.pdf · Confirmed on the insurer's page on 13 November 2026.
Who it is for
“own a residential building to insure (with a sum insured of at least $1,500,000);”
Source: chubb.com/content/dam/chubb-sites/chubb-com/au-en/individuals-families/policy-wordings-and-documents/chubbmptmd-0124-masterpiece-tmd.pdf · Confirmed on the insurer's page on 13 November 2026.
Chubb Benchmarq Commercial Property Insurance for Real Estate
- Type
- Commercial landlord · Commercial
- Sold
- Through a broker
- Flood
- Included, can be removed
- Left empty
- No cover after 30 days. Only where the vacancy causes or contributes to the damage; unless notified and Chubb agreed in writing before any damage. Regular checks or contents inside do not stop it counting as unoccupied.
- Who it is for
- Real estate industry businesses with revenue or declared values up to AUD $75 million (Benchmarq lower-middle-market range).
- Documents
- Benchmarq Real Estate Property Policy Wording (04/2024) (2024-04) · Chubb Benchmarq overview
- Flood is excluded only if the Schedule shows it as 'Not Insured', so it is a limit chosen on the schedule.
- Buildings are insured where declared as 'Buildings' in the schedule (Buildings means the Property Insured declared by You as 'Buildings'), so buildings cover depends on what is declared.
The policy
“Benchmarq is currently available to 5 key industries: Manufacturing, Real Estate, Wholesale, Retail and Professional Services.”
Source: chubb.com/au-en/business/benchmarq.html · Confirmed on the insurer's page on 13 November 2026.
How it is sold
“Ready to find out more? Ready to experience Chubb's unparalleled comprehensive insurance solutions? Speak to a broker today.”
Source: chubb.com/au-en/business/benchmarq-realestate.html · Confirmed on the insurer's page on 13 November 2026.
Flood
“Flood, if shown in the Schedule under the “Limits of Liability” for “Section 1 Property Insurance and Section 2 Business Interruption Combined: Named Cyclone, Bushfire and Flood” as “Not Insured””
Source: chubb.com/content/dam/chubb-sites/chubb-com/au-en/business/benchmarq/chubb-pcpy-open-bmre-pw-0424-benchmarq-real-estate-property-policy-wording.pdf · Confirmed on the insurer's page on 13 November 2026.
Left empty
“Unoccupied Building means a building that is not occupied, for a continuous period of more than thirty (30) days, by persons whose presence has been expressly authorised or permitted by:”
Source: chubb.com/content/dam/chubb-sites/chubb-com/au-en/business/benchmarq/chubb-pcpy-open-bmre-pw-0424-benchmarq-real-estate-property-policy-wording.pdf · Confirmed on the insurer's page on 13 November 2026.
Who it is for
“Chubb Benchmarq offers commercial property and broadform liability insurance products specifically designed to cater for businesses with revenue or declared values of up to AUD $75 million.”
Source: chubb.com/au-en/business/benchmarq.html · Confirmed on the insurer's page on 13 November 2026.
Chubb Benchmarq Commercial Property Insurance for Retail
- Type
- Retail pack · Commercial
- Sold
- Through a broker
- Flood
- Included, can be removed
- Left empty
- No cover after 30 days. Only where the vacancy causes or contributes to the damage; unless notified and Chubb agreed in writing before any damage. Regular checks or contents inside do not stop it counting as unoccupied.
- Who it is for
- Retail businesses with revenue or declared values up to AUD $75 million.
- Documents
- Benchmarq Retail Property Policy Wording (02/2025) (2025-02) · Chubb Benchmarq overview
- Flood is excluded only if the Schedule shows it as 'Not Insured'.
The policy
“Chubb Benchmarq for Retail Specialised commercial property & broadform liability coverage for risks specific to retail businesses.”
Source: chubb.com/au-en/business/benchmarq.html · Confirmed on the insurer's page on 13 November 2026.
How it is sold
“Ready to find out more? Ready to experience Chubb's unparalleled comprehensive insurance solutions? Speak to a broker today.”
Source: chubb.com/au-en/business/benchmarq-retail.html · Confirmed on the insurer's page on 13 November 2026.
Flood
“Flood, if shown in the Schedule under the “Limits of Liability” as “Not Insured””
Source: chubb.com/content/dam/chubb-sites/chubb-com/au-en/businesses/policy-wordings-and-documents/chubb-pcpy-open-isrret-pw-0225-benchmarq-retail-property-policy-wording.pdf · Confirmed on the insurer's page on 13 November 2026.
Left empty
“Unoccupied Building means a building that is not occupied, for a continuous period of more than thirty (30) days, by persons whose presence has been expressly authorised or permitted by:”
Source: chubb.com/content/dam/chubb-sites/chubb-com/au-en/businesses/policy-wordings-and-documents/chubb-pcpy-open-isrret-pw-0225-benchmarq-retail-property-policy-wording.pdf · Confirmed on the insurer's page on 13 November 2026.
Who it is for
“Chubb Benchmarq offers commercial property and broadform liability insurance products specifically designed to cater for businesses with revenue or declared values of up to AUD $75 million.”
Source: chubb.com/au-en/business/benchmarq.html · Confirmed on the insurer's page on 13 November 2026.
Chubb Industrial Special Risks
- Type
- Industrial special risks (ISR) · Industrial
- Sold
- Through a broker
- Left empty
- Not stated.
- Who it is for
- Medium to large risks up to and including multinational programmes; industries include manufacturing, utilities, infrastructure, industrial/commercial property owners, engineering, transportation; modern hotels/motels (excluding pubs).
- No public wording; page calls the cover 'Chubb Fire Insurance' / Industrial Special Risks.
The policy
“Don’t let a fire or other hazards undermine your bottom-line. With this product, your business property and its physical assets are protected against damage from perils, in addition to loss due to operational disruptions.”
Source: chubb.com/au-en/business/industrial-special-risks.html · Confirmed on the insurer's page on 13 November 2026.
How it is sold
“Ready to experience Chubb's unparalleled comprehensive insurance solutions? Speak to a broker today.”
Source: chubb.com/au-en/business/industrial-special-risks.html · Confirmed on the insurer's page on 13 November 2026.
Who it is for
“Our product extends from medium to large risks up to and including multinational programmes, giving you the comprehensive coverage you may need.”
Source: chubb.com/au-en/business/industrial-special-risks.html · Confirmed on the insurer's page on 13 November 2026.
Chubb Benchmarq for Manufacturing (commercial property)
- Type
- Industrial property · Industrial
- Sold
- Not stated
- Left empty
- No cover after 30 days. Only where the vacancy causes or contributes to the damage; unless notified and Chubb agreed in writing before any damage. Regular checks or contents inside do not stop it counting as unoccupied.
- Who it is for
- Manufacturing businesses with revenue or declared values of up to AUD $75 million (lower middle market).
- Documents
- Benchmarq Manufacturing Property Policy Wording (0424) (1 April 2024) · Benchmarq Appetite Guide - Manufacturing
- Mid-market 'ISR-lite' product; Benchmarq also has a Real Estate version for commercial property owners (not collected in detail).
The policy
“Specialised commercial property & broadform liability coverage for risks specific to the manufacturing industry.”
Source: chubb.com/au-en/business/benchmarq.html · Confirmed on the insurer's page on 13 November 2026.
Left empty
“Unoccupied Building means a building that is not occupied, for a continuous period of more than thirty (30) days, by persons whose presence has been expressly authorised or permitted by:”
Source: chubb.com/content/dam/chubb-sites/chubb-com/au-en/business/benchmarq/chubb-pcpy-open-bmmg-pw-0424-benchmarq-manufacturing-property-policy-wording.pdf · Confirmed on the insurer's page on 13 November 2026.
Who it is for
“Chubb Benchmarq offers ‘big business’ cover, right sized for manufacturing clients with revenue or declared values of up to AUD $75 million.”
Source: chubb.com/au-en/business/benchmarq-manufacturing.html · Confirmed on the insurer's page on 13 November 2026.
Who underwrites and sells it
Underwriter
“Chubb Insurance Australia Limited (ABN 23 001 642 020, AFS License No. 239687) (Chubb) is the insurer and issuer of this product.”
Source: chubb.com/content/dam/chubb-sites/chubb-com/au-en/individuals-families/policy-wordings-and-documents/masterpiece-policy-wording.pdf · Confirmed on the insurer's page on 13 November 2026.
Chubb Insurance Australia Limited: licence
- AFS licence
- 239687 · CHUBB INSURANCE AUSTRALIA LTD
- ABN
- 23001642020
- Licensed since
- 19 January 2004
- Principal business
- Sydney NSW 2000
- General insurance
- Licensed to deal in general insurance products
From ASIC's AFS Licensee dataset, release of 11 November 2026, Creative Commons Attribution 3.0 Australia.
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