The most favourable basis of cover all depends on the individual loss scenario. With Property Performance this is one thing that brokers and clients don’t have to worry about after a large loss because we make sure they get the best of both options.
Delivering the most favourable BI cover depending on the loss scenario.
Maximum Business Continuity
Property Performance gives clients the most favourable basis of cover after a Business Interruption loss: either on a Gross Profits or on a Gross Earnings basis. To make sure clients receive the greatest benefit, after a loss we make both calculations and pay the greater of the two amounts.
Gross Earnings vs Gross Profits
A Gross Earnings basis covers loss of business income up to when the property is repaired and the business can resume operation. In situations where repair times may be greatly extended (e.g. after a local catastrophe) a Gross Earnings basis of cover may be more beneficial to the client.
A Gross Profits
This covers loss of business income up to the maximum period of indemnity. In situations where losses extend well beyond completion of physical repairs (e.g. long timelines to recover lost sales) a Gross Profits basis of cover may be more beneficial to the client.
Property performance incorporates strong cover extensions into its core coverage – streamlining the wording, reducing dependency on policy endorsements, making it easier to read, easier to navigate and facilitating a smoother claims process.
Cyber exclusions are common in property insurance, but Property Performance covers the costs to repair or replace damaged electronic files (eg hacking and virus) as well as the business interruption costs.
Property Performance covers equipment breakdown, including electrical and mechanical breakdown to business equipment, including computers.
Environmental Clean Up
Property Performance covers the insured’s own costs of cleaning up pollution from land or water at their own location after a covered loss.
Unlike many property wordings that restrict theft cover following forcible and violent entry, Property Performance provides full theft coverage where there are no visible signs of entry to the premises.
Upgrade to Green
Covers the costs of rebuilding damaged property with certified green materials to certified green standards. Clients benefit as businesses increasingly want to demonstrate their CSR credentials and owners can command higher rentals from green properties.
Property Performance is designed for clients who are interested in broad coverage and contract certainty. We have removed many of the warranties and conditions traditionally included in property policy wordings.
No Average clause
Clients benefit from full replacement cost coverage to ensure all their needs are met in the event of a loss. Our underwriters will work with our broker partners and clients to ensure values are adequate – all designed to make the claims process as smooth as possible.
“It is exceptional in the commercial property market not to have an average clause. This is a key benefit for our clients.”
Key broker partner
Many other commonly applied warranties are also removed from Property Performance for instance there are no sprinkler warranties, no security alarm warranties and no stock-stillage warranties. We want to help clients get their claims paid quickly, with minimum interruption to their business operations.
AIG provides some of the highest property insurance limits available in the market which means we will write 100% of your clients’ Property Performance programmes.
100% AIG gives your clients the certainty of having all their property damage and business interruption with a single insurer, minimising the possibility of gaps in cover and enabling seamless claims service – including AIG’s Claims Promise.
100% AIG means brokers don’t have to arrange coinsurance or reinsurance – as well as delivering contract certainty, substantial benefits at the claims stage including AIG’s claims promise.
After a large loss, we will advance the client 50% of the agreed property damage, clean-up costs and expenses once coverage has been confirmed and the estimate for damage has been agreed.
A Working Fund
This up-front claims payment will be will be advanced as working funds to the client after a loss above £300,000.
Critical cash flow
Our willingness to make these upfront payments quickly and maintain cash flows at these critical times is a key component of our ability to maximise our clients’ business continuity.
World class loss prevention engineering: minimising loss potential, maximising business continuity.
Our engineers work closely with clients to gain a deep understanding of their business and provide practical solutions to risk exposures, with detailed analysis in the form of risk engineering reports.
Our engineers are highly sensitive to clients’ business needs, clearly identifying “easy wins” that can be implemented with minimum disruption to the operation, to more substantial risk improvements with investment requirements to safeguard the business.
We can benchmark our clients’ operations, wherever in the world they are against industry averages, helping to focus risk improvement activity by highlighting best practice and areas for improvement.
With world class catastrophe expertise, we routinely model our clients’ storm, flood and earthquake risks before any loss to help them manage their exposures and develop back up plans.