Allianz Global Corporate & Specialty (AGCS) and Marsh announced the launch of 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 AGCS/Marsh Major Claim Promise is the first of its kind to cover first-party marine claims.
Under the terms of the AGCS/Marsh Major Claim Promise, in the event of a major claim – typically in excess of $3 million – where AGCS is either the leader or 100 percent 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 percent of their share of the agreed estimate for property damage/repairs and clean-up costs, within seven days. The AGCS/Marsh Major Claim Promise excludes marine liability claims including third-party claims arising out of collisions under Hull & Machinery policies.
“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. This market-leading concept is sure to make a positive impact in assisting Marsh’s clients recover from major losses globally, said David Pigot, chairman of Marsh’s Global Claims Practice.
“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,” Pigot said.
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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