Chubb Offers New Flood Policy
The Chubb Group of Insurance Companies has introduced Personal Flood Insurance to help homeowners protect their homes and possessions from damage due to one of the most common and costly natural disasters. The policy, offered with limits up to $15 million for a home and its contents, provides significantly broader coverage than what is currently available through the National Flood Insurance Program (NFIP). Nearly all homeowners insurance policies exclude flood losses.
According to the Federal Emergency Management Agency (FEMA), flooding causes more than $2 billion in property damage in the United States each year. Despite this, only 14% of Americans say they have purchased flood insurance for their primary residence, according to a recent survey of 700 homeowners conducted for Chubb by Opinion Research Corp. Contrary to common belief, FEMA considers nearly every home at some risk of flooding.
Chubb Personal Flood Insurance covers these exposures and is broader than NFIP coverage. The Chubb policy can provide up to $15 million in property coverage, including home and possessions, compared to a maximum of $250,000 for homes and $100,000 for contents through the NFIP. Chubb's policy pays replacement costs to repair or rebuild a home and replace its contents, up to the limits selected by the policyholder. NFIP settles many claims on a cash value or depreciated basis.
Fidelity Offers Annuities Allocation Options
Fidelity has introduced the Variable Insurance Product FundsManager series of portfolios for annuities, allowing insurance companies to provide investors with new investment choices that can help improve their retirement readiness and generate retirement income.
These "funds of funds" invest in a mix of stock, bond and money market funds. More aggressive portfolios will invest principally in stock funds, while less aggressive portfolios will emphasize bond and money market funds.
Rydex Launches Risk-Management Modeling Tool
Rydex Investments launched the Rydex Real Returns Calculator, an online modeling tool available at www.rydexfundsfp.com.
It can calculate how the addition of leveraged and inverse mutual funds or noncorrelated asset classes may have impacted the risk-return profile of a portfolio during past bull, bear or sideways markets, so advisors can attempt to maximize portfolio return based on specific market environments.
For more information, call 800.820.0888 or visit www.rydexinvestments.com.
Vanguard Simplifies Financial Planning Services
Vanguard has consolidated its financial planning offerings into a single service, Vanguard Financial Planning Services. It provides advice on asset allocation, investment selection, retirement needs and college savings.
The process begins with an on-line questionnaire
that prepopulates a client's Vanguard holdings, followed by phone
consultations with a financial planner to review the client's
customized plan and assist with implementation.
For more information visit www.vanguard.com or call 800-662-7447.
AMEX, Victoria Bay Launch Oil-Based Fund
Victoria Bay Asset Management LLC and the American Stock Exchange have launched the United States Oil Fund, LP (USO), which will list on the Amex under the ticker "USO."
USO's total returns are expected to track the price movements of West Texas Intermediate (WTI) light, sweet crude oil delivered to Cushing, Okla., whose price is the primary benchmark in the U.S. for crude oil. USO will invest its assets in futures contracts for petroleum-based fuels traded on regulated futures exchanges in the U.S. and elsewhere, and other oil interests.
Strategy Added To Account Platforms
Principal Global Investors' preferred securities strategy has been added to two Wells Fargo separate account platforms-the WellsSelect platform available through Wells Fargo Investments financial consultants and the Wells Strategic Portfolio available through Wells Fargo Bank for private bank and high-net-worth clients.