With the increasing frequency and severity of natural catastrophes of increasing concern to real estate customers, the updated PPP coverage makes additional retention options available to allow more flexibility for risk management strategies and budgeting for climate-related events, Zurich said.
Other improvements include new decontamination costs, loss prevention costs, and global mobile communications property coverage. Better Green – coverage aimed at increasing building efficiency and reducing environmental impact – is now automatically included via Sublimit. The extended sublimit duration of the policy now also includes overhead lines and distribution lines – previously optional – as part of the basic cover.
The new PPP form features simplified language and improved formatting for easier readability and customization, Zurich said. Changes include user-friendly streamlining. Several covers have been changed from location-based to event-based triggers, and some covers have been renamed to better reflect industry usage.
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“For more than 17 years, Zurich Property Portfolio Protection has provided a comprehensive policy solution to help midsize businesses protect their property and operations,” said John Mizzi, Head of Industry Practices for US Middle Market at Zurich North America. “With this update, we demonstrate that we not only listen to our clients and brokers, we are taking steps to make doing business with us easier as the risks they face become more complex.”
In connection with the PPP update, Zurich is launching the Summit Package, which combines PPP and general liability insurance with industry-specific extensions. The Summit package includes multiple, commonly requested coverages in a single letter of coverage, Zurich said.
“Zurich has emerged as an industry-leading airline for mid-market policyholders,” said Alex Wells, head of U.S. mid-market at Zurich. “With the Summit Package, we offer medium-sized customers and the distributors who work with them another way to greater efficiency. The combination of our Property Portfolio Protection – a form of choice for our customers and policyholders – and General Liability insurance will allow many customers to simplify their strategies for better overall protection for their businesses.”
The PPP update and Summit package are available now for new companies and will be available for renewals starting May 1st, subject to submission and approval and qualification.
Zurich also recently launched a climate-related offering for business customers and partnered with Innovative Captive Strategies to create a captive for sustainability-focused companies.
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