Marsh and AGCS launch major claim promise

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 today.

Under the terms of the Major Claim Promise, in the event of a major claim (typically in excess of US$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 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 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.”