Insurer Allianz Global Corporate & Specialty (AGCS) and the insurance broking and risk advisory group Marsh have launched the AGCS/Marsh major claim promise, committing to provide rapid access to working funds for their joint clients in the event of a major claim.
As well as covering major property, construction and engineering losses worldwide, the commitment is extended to cover first-party marine claims.
Under the terms of the promise, in the event of a major claim – typically in excess of US$3m – where AGCS is either the leader or 100% carrier, AGCS will confirm coverage under the policy as quickly as reasonably possible. Once coverage is confirmed, AGCS promises to provide the policyholder with immediate working funds of 50% of their share of the agreed estimate for property damage/repairs and clean-up costs, within seven days. The promise excludes marine liability claims including third-party claims arising out of collisions under hull and machinery policies.
“The concept of the major claim promise centres on the belief that a lengthy adjustment process is not necessary for immediate relief in the event of a major loss,” said David Pigot, chairman of Marsh’s global claims practice. “This market-leading concept is sure to make a positive impact in assisting Marsh’s clients recover from major losses globally.
“The extension of the major claim promise into the global marine sector is a significant industry development in delivering claims certainty to Marsh’s clients. With AGCS, Marsh’s marine clients can also now benefit from the reassurance of a swift recovery in the event of a major first-party loss.”
Alexander Mack, AGCS’s global head of claims, added: “Service in the event of a claim is the true test of our business. This agreement ensures that our clients get what they need when it really counts: fast confirmation of cover with immediate working funds when a major loss occurs.”
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