News Room

January 28, 2009

Assurant Specialty Property Uses Chase Visa-Branded Debit Card to Provide Catastrophe Victims Faster Access to Settlement Payments

New Program Is Now Available to Consumers with Renters Insurance Coverage

Assurant Specialty Property is a leading provider of specialty insurance and collateral protection programs, including creditor-placed homeowners insurance, manufactured housing insurance and renters insurance. It is part of Assurant (NYSE: AIZ), a premier provider of specialized insurance products and related services in North America and selected international markets.

Kathy McDonald, senior vice president for Assurant Specialty Property, said the primary advantage of a debit card over a check payment is that it allows the company to put needed cash in the hands of catastrophe victims much faster. “With the new debit card program, our customers have access to funds as soon they receive the card. With a paper check, it sometimes can take 10 to 15 business days to process the check and for the bank then to release the funds. We can deliver a debit card in approximately three to five business days,” McDonald said.

The Assurant Claims debit card payment program is now available to renters insurance policyholders. It will be expanded later in the year to other property and casualty insurance programs, including manufactured housing.

The Assurant Claims debit card works like any other bank-issued debit card. Cardholders are able to make surcharge-free purchases at the millions of locations that accept Visa® debit cards, as well as receive cash back, surcharge-free at participating retail locations.

In addition, there are no finance charges or overdraft fees because, unlike a regular credit card, debit cardholders can only spend up to the balance available in their debit card accounts. Cardholders also can check debit card account balances free online or by calling the toll-free customer service number on the back of the card. The option to receive claim payments via the debit card is only applicable when payments are issued to the policyholder only, not the lender or loss payee.

“Catastrophe victims typically have an immediate need for cash, to arrange for temporary housing or replace necessary items, such as clothing, that have been damaged or destroyed,” McDonald said. “The debit card option enables us to help our policyholders get their lives in order much quicker.”

About Assurant Specialty Property

Assurant Specialty Property businesses are leading providers of creditor-placed homeowners insurance, collateral protection programs and related outsourcing services. They develop, underwrite, market and administer specialty property and personal lines of insurance through collaborative relationships with leading home mortgage companies, manufactured home builders and dealers, auto finance companies, property management companies and managing general agents. Assurant Specialty Property serves clients and their customers in all 50 states and the District of Columbia. www.assurantspecialtyproperty.com

Assurant Specialty Property is part of Assurant, a premier provider of specialized insurance products and related services in North America and selected international markets. Its four key businesses - Assurant Solutions, Assurant Specialty Property, Assurant Health and Assurant Employee Benefits - partner with clients who are leaders in their industries and who have built leadership positions in a number of specialty insurance market segments worldwide. Assurant, a Fortune 500 company and member of the S&P 500, is traded on the New York Stock Exchange under the symbol AIZ. Assurant has over $23 billion in assets and $8 billion in annual revenue. www.assurant.com

About JPMorgan Chase & Co.

JPMorgan Chase & Co. (NYSE: JPM), issuer of the Chase debit card, is a leading global financial services firm with assets of $2.3 trillion and operations in more than 60 countries. The firm is a leader in investment banking, financial services for consumers, small business and commercial banking, financial transaction processing, asset management, and private equity. A component of the Dow Jones Industrial Average, JPMorgan Chase & Co. serves millions of consumers in the United States and many of the world’s most prominent corporate, institutional and government clients under its J.P. Morgan, Chase, and WaMu brands. Information about JPMorgan Chase & Co. is available at www.jpmorganchase.com

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Media Contact

James A. Sykes
Director, External Communications
Tel. 770.763.1015
Email: james.sykes@assurant.com