With the increasing frequency and severity of natural disasters, a growing concern for property customers, the updated PPP coverage creates additional deductible options to allow greater flexibility for on risk management and budgeting strategies for climate-related events, Zurich said.
Other improvements include new decontamination costs, loss prevention costs, and global mobile communications property coverage. Better Green – a range aimed at increasing building efficiency and reducing environmental impact – is now automatically included through the sublimit. The extended policy sublimit period also now includes overhead transmission and distribution lines – previously optional – as part of the base coverage.
The new PPP form features simplified language and improved formatting for easier readability and customization, Zurich said. Changes include user-friendly streamlining. Some ranges have changed from location-based to event-based triggers, and some ranges have been renamed to be more consistent with common industry usage.
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“For more than 17 years, Zurich Property Portfolio Protection has provided comprehensive policy solutions to help mid-sized businesses protect their property and their operations,” said John Mizzi, head of industry practices for the US middle market at Zurich North America. “With this update, we’re showing that we’re not just listening to our customers and brokers, we’re taking action to make doing business with us easier as the risks they face become more complex.”
Along with the PPP update, Zurich is launching the Summit Package, which combines PPP and general liability insurance with industry-specific enhancements. The Summit Package includes multiple, frequently requested coverages into a single coverage endorsement, Zurich said.
“Zurich has become an industry-leading carrier for middle market insureds,” said Alex Wells, head of the US middle market at Zurich. “With the Summit Package, we provide another path to greater efficiency for middle market customers and the distributors who work with them. The combination of our Property Portfolio Protection – a preferred form for our customers and insured – and general liability coverage will allow many customers to simplify their strategies for more overall protection for their companies .
The PPP update and the Summit Package are now available for new business and will be available for renewals beginning May 1, subject to filing and approval and qualification.
Zurich also recently launched a climate related offer for commercial clients and partnered with Innovative Captive Strategies to create a captive for sustainability-minded companies.
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