Chubb Board Policy on Personal Use of Corporate Aircraft by Officers
Chubb's Board of Directors has established a policy that limits the personal use of corporate aircraft by its officers. The Chief Executive Officer may use the aircraft for personal reasons for up to 35 hours per year, with possible additional hours if recommended by the Security Department and approved by the Board. Each Vice Chairman is allowed up to 20 hours per year for personal use. All other officers are not permitted to use the corporate aircraft for personal purposes.
Exhibit 10.12
Description of Policy Regarding
Personal Use of Corporate Aircraft
On March 4, 2005, the Chubb’s Board of Directors formalized its policy regarding personal use of corporate aircraft by Chubb’s officers. Under this policy, the Chief Executive Officer’s personal use is limited to no more than 35 hours per year, plus any additional personal use recommended by Chubb’s Security Department and approved by the Board of Directors, and each Vice Chairman’s personal use is limited to no more than 20 hours per year. Personal use of corporate aircraft by all other officers is prohibited.
