- Marsh and Allianz Global Corporate & Specialty announce Major Claims Promise
- Extends Major Claim Promise concept worldwide to include marine losses.
PRESS RELEASE - New York, July 24, 2013
Allianz Global Corporate & Specialty (AGCS) and Marsh today 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 US$3 million - 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 AGCS/Marsh Major Claim Promise excludes marine liability claims including third-party claims arising out of collisions under Hull & Machinery policies.
David Pigot, Chairman of Marsh’s Global Claims Practice, commented, “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.
“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,” Mr. 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.”
Marsh, a global leader in insurance broking and risk management, teams with its clients to define, design, and deliver innovative industry-specific solutions that help them protect their future and thrive. It has approximately 26,000 colleagues who collaborate to provide advice and transactional capabilities to clients in over 100 countries. Marsh is a wholly owned subsidiary of Marsh & McLennan Companies (NYSE: MMC), a global team of professional services companies offering clients advice and solutions in the areas of risk, strategy, and human capital. With over 53,000 employees worldwide and annual revenue exceeding $11 billion, Marsh & McLennan Companies is also the parent company of Guy Carpenter, a global leader in providing risk and reinsurance intermediary services; Mercer, a global leader in talent, health, retirement, and investment consulting; and Oliver Wyman, a global leader in management consulting. Follow Marsh on Twitter @Marsh_Inc.