The Chubb Group of Insurance Cos., a...

The Chubb Group of Insurance Cos., a division of the Chubb Corp., said it will refund the vast majority of the premiums paid for rain insurance. The refunds will be made in cash at double the premium rate up to $20 million to those farmers who submitted timely applications, the company said. It also said it would increase to $40 million from $30 million the value of the coverage it would offer, thus providing coverage to more farmers. The company estimates that 6,000 farmers applied for $350 million worth of rain insurance.