Cumberland Insurance Group Introduces New Products
June 2, 2008
BRIDGETON, NEW JERSEY: The Cumberland Insurance Group is pleased to announce a number of new Personal Lines products. The new products include Equipment Breakdown Coverage; which is available through our existing Pennsylvania, New Jersey, and Delaware Homeowner policies; an updated Personal Automobile Program in Pennsylvania; and a new Personal Automobile Program in the state of Maryland.
“This is another step in our efforts to offer more insurance choices for the customer,” said Cumberland Insurance Group Chairman and CEO Leo T. Hogan. “The addition of these new products, and others which are still in development, directly support our long-term growth goals. Also, by introducing new products, we are able to achieve a better spread of risk throughout the four-state region we serve. We are confident that the new programs will provide our current and new policyholders with superior coverage at a competitive price.”
“We are very happy with the new Personal Auto product,” said Cumberland Insurance Group Executive Vice President Richard M. Ritter. “The program includes more flexible underwriting guidelines than our previous auto product, and features 30 program tiers within three distinct classifications, giving our agents and customers more options.”
Policyholders who currently have their homes insured by Cumberland and who qualify for the new Personal Automobile coverage, can save money on both policies with a companion discount. Additional savings can be achieved through multi-car coverage, an accident-free driving record, completion of driver’s education courses, students with good grades, anti-theft devices, anti-lock brakes, and passive restraints. The program also features guaranteed replacement coverage on new vehicles for up to two years.
“We also recently introduced our new Equipment Breakdown Coverage which protects against unexpected repair or replacement costs due to mechanical, electrical, or pressurized systems breakdown,” Ritter continued. “This new coverage option is an affordable alternative to costly product and home warranty plans. A typical Homeowner policy excludes these types of losses, and individual warranty plans can be costly and confusing. Whether the customer is a renter or a high value homeowner, we can cover them through this inexpensive program.”
“Developing products which are less expensive, straight forward, and adaptable to evolving needs, makes it easier for our agency partners to aggressively compete for new business and retain existing business,” said Cumberland Insurance Group President Robert P. Brady. “In addition, we believe our customers will view The Cumberland Insurance Group as a good value for their insurance dollar. We are excited about our ability to continue to enhance all of our service offerings and to the introduction of additional products into the marketplace in the coming months.”
The Cumberland Insurance Group is rated A+ Superior by the A.M. Best Company, and currently serves over 134,000 policyholders in the states of New Jersey, Pennsylvania, Delaware, and Maryland. In 2006, the Company had Total Admitted Assets of $313,885,235 and a Policyholders' Surplus of $140,421,618. For more information about The Cumberland Insurance Group, please visit www.cumberlandgroup.com.
For more information about this press release, please contact Lee Tofanelli at 856-691-3113.« Back to News