Marsh launched an aircraft financing product. QBE introduced a crop management tool. Willis has partnered with Allianz Global Corporate & Specialty to enhance its agribusiness programs.
Marsh has launched a unique nonpayment insurance product designed for banks and capital market investors that are funding new aircraft purchases from Boeing.
Available exclusively through Marsh, Aircraft Finance Insurance Consortium (AFIC) provides an alternative aircraft finance insurance product for new aircraft deliveries and is underwritten by four leading global insurance companies: Allianz, AXIS Capital, Sompo International (formerly Endurance) and Fidelis.
Marsh said AFIC can assist airlines globally in obtaining more efficient financing by utilizing insurance to protect the lender’s exposure to default for the duration of the loan. The terms can be tailored according to the individual purchase agreements made between Boeing, the airline and its financiers.
Multiperil crop insurer QBE NAU Crop Insurance, a division of QBE Insurance Group, has introduced a new crop management tool.
Field Insights will help farmers manage risk by keeping them informed on how their fields are being affected by the weather. The tool provides farmers access to field-level data, including growth models with growing degree days, soil moisture and temperature, precipitation, wind speeds, and weather radar.
Field Insights is available to farmers through their QBE NAU agent. It can be accessed through the insurer’s mobile app or the Policyholder Portal website.
Willis Programs, a unit of Willis Towers Watson, has partnered with Allianz Global Corporate & Specialty on coverage for its DairyProtector and FeedLotGuard programs.
Enhancements include AgriCover for property (including extended replacement costs), AgriCover for liability (including aggregate limits per location), as well as chemical drift and environmental pollution coverage.
The Allianz Extended Property Coverage for Dairy Operations has also increased limits for milk contamination (to $25,000), livestock theft ($5,000) and animal collision ($5,000).
- Building ordinance coverage, limited at $25,000.
- Off-premises power utility failure, limited at $10,000.
- Perishable farm personal property, limited at $10,000.
- Signs at insured location, limited at $5,000.
- Water back-up exclusion is deleted.
Source: Marsh, QBE, Willis Towers Watson