Chubb has relaunched its MasterPackage commercial insurance offering to include eight traditionally uninsured risks as standard.

Called MasterPackage Plus, the revamped offering is aimed at mid-market companies with a turnover of between £50m and £1bn.

The eight additional covers include environmental damage as the result of accidental contamination, expenses involved in product recall, and corporate event cancellation, as well as expenses arising from ransom or extortion demands in the event of an employee being kidnapped.

The package also includes a 'special basket' of £25,000 for property covers, meaning the policyholder can draw on the money as they see fit in relation to costs arising from property damage.

Chubb vice president and UK & Ireland commercial lines manager Andrew McKee said the revamp was part of a series of product relaunches. New technology offerings covering IT, the telecommunications industry and life sciences would be launched in the fist quarter of 2005.

McKee said the package demonstrated a "controlled expansion of cover", and not a loosening of its terms and conditions in response to the softening market.