Firms cite rapid access to working funds as top priority in ‘region where natural catastrophes are common’
Allianz Global Corporate & Specialty (AGCS) and Marsh have made a commitment to provide “rapid access to working funds for their joint clients in the event of a major claim”, under the AGCS/Marsh Major Claim Promise launched this week.
Under the terms of the Major Claim Promise, in the event of a major claim (typically more than $3m) and where AGCS is either the leader or 100%carrier, the insurer 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 covers major property, construction and engineering losses worldwide, as well as marine losses. However, it excludes marine liability claims, including third-party claims arising out of collisions under Hull & Machinery policies.
Marsh head of claims in Singapore and Asia Graham Purdon said that claims advocacy was a critical aspect of the value the broker provided its clients in Asia. “In a region where natural catastrophes are common, this claim promise with Allianz will help minimise disruption and ensure development continues after a major loss through rapid access to working funds,” he said.
Marsh global claims practice chairman David Pigot said: “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. 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.”
AGCS Asia Pacific regional manager Damien Pang (pictured) said that seamless claims management was particularly important in Asia. “We see several claims coming from traditional risks such as fire or explosion, which typically cause immediate operational challenges, and where, especially for the non-mega corporates, the main priority is getting back in operation immediately,” he said. “Hence working funds to support this period are very valuable.”
AGCS global head of claims Alexander Mack 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.”