A major international insurer has joined forces with a global broker to boost its ability to rapidly pay working funds for major claims.
Last week, Allianz Global Corporate and Specialty (AGCS) announced its Major Claim Promise with Marsh, covering joint clients for major property, construction, engineering and first-party marine losses worldwide.
Under the deal, major claims – typically those in excess of $3 million – where AGCS is the leader or 100% carrier, AGCS promises to provide the policyholder with 50% of the agreed estimate for property repairs and clean-up costs within seven days of policy coverage being confirmed.
It excludes marine liability claims arising out of collisions under Hull and Machinery policies.
Marsh Global Claims Practice Chairman David Pigot says: “The concept of the Major Claim Promise centers on the belief that a lengthy adjustment process is not necessary for immediate relief in the event of a major loss.
“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.”
AGCS Global Head of Claims Alexander Mack says service in the event of a claim is the true test of their 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,” he says.