Now on the market from Allianz Global Corporate & Specialty: an expanded project cargo offering. QBE North America has launched a comprehensive policy offering unique coverages for construction projects. Aon plc is formally debuting its Intellectual Property Solutions group.
Allianz Global Corporate & Specialty has started marketing an expanded project cargo offering, formed by a direct partnership with its Engineering division.
AGCS, a specialist corporate insurer, said this new collaborative approach will let it offer continuous and complete coverage for companies managing unique and complicated risks, ultimately delivering a more comprehensive and fluid transaction under one single policy.
Underwritten by AGCS Marine, project cargo insurance is designed to meet the risk management needs of sizable ventures characterized by exposures such as: shipment of equipment and machinery to a construction site; delay in startup, loss of income and/or advanced loss of profits stemming from late or non-arrival of critical components due to a covered loss; and erection/construction all risk insurance provided by Engineering.
QBE North America has launched The Solution for Builder’s Risk within its Inland Marine product offerings—a comprehensive policy offering unique coverages for construction projects.
Key features of this new product include capacity up to $250 million, plus standard and unique additional coverages for the insured’s specific risk, including utility service interruption, inflation protection, business personal property, waterborne property and equipment breakdown coverage (including testing). Also, QBE offers a full range of insurance for time element coverage, including loss of business income, delay penalties and additional expenses incurred by the insured.
The policy will be written by the company’s Inland Marine underwriters on a monoline basis through QBE-appointed producers in the retail and wholesale distribution channels.
Aon plc is formally debuting its Intellectual Property Solutions group, a division designed to provide increased industry knowledge for clients working to protect and maximize their intellectual property.
The company pitches its IP Solutions group as bringing the best minds and strongest analytical tools to clients, helping secure their investments and maximize the value of their IP portfolios. To accomplish this, Aon acquired IP industry leader 601West, a division of Lee & Hayes, appointing the company’s co-founder, Lewis Lee, to chief executive officer of Aon’s newly formed IP Solutions group.
Sources: Allianz Global Corporate & Specialty, QBE North America, Aon plc.