Allianz & Marsh to Expedite Claim Payments

Allianz Global Corporate & Specialty and insurance broker Marsh say they have launched AGCS/Marsh Major Claim Promise to provide rapid access to working funds for their joint clients in the event of a major claim, including first-party marine claims.

The program covers major property, construction and engineering losses worldwide. Marsh says 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. After confirming coverage, AGCS promises to provide the policyholder with immediate working funds of 50 percent of their share of the agreed estimate for property damage or repairs, or both, and clean-up costs within seven days.

The program 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, says the program centers on the belief that a lengthy adjustment process is not necessary for immediate relief in the event of a major loss.

Pigot says extending the program to the global marine sector "is a significant industry development in delivering claims certainty to Marsh's clients" giving them certainty of a swift recovery following a major loss.

Alexander Mack, AGCS's Global Head of Claims, says, "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."