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Member, Beacon International Group, Ltd.
NEW YORK—Bedbug infestations have led to itchy welts and insurance headaches during the past few years, which is why Willis Group Holdings P.L.C. announced Tuesday it will provide bedbug infestation insurance protection for hotels and residential industries.
Willis has collaborated with Largo Vista, Texas-based Professional Liability Insurance Services Inc. to offer Bed Bug Infestation Recovery Insurance, a comprehensive risk management and insurance solution that extends beyond traditional property/casualty and liability insurance policies.
The product also offers a crisis management component, which can help reduce damage to an organization's brand and financial loss, Willis said in a statement.
“This program offers organizations a comprehensive approach to addressing the risks involved with this exposure—from tools to help prevent an infestation to coverage for the economic consequences, through crisis management and remediation,” said Brian Ruane, Willis North America's national real estate and hotel practice leader, in a statement. “The program is intended to close a critical gap in most insurance policies.”
Willis' BBIR product contains a range of solutions including coverage for the cost of decontamination, rehabilitation expenses and business interruption; crisis management services; and decontamination services provided by Orkin L.L.C.
Recently, Aon Corp.'s Aon Risk Solutions released its version of a bedbug insurance product and partnered with Terminix International Co. Ltd. and Global Excess Partners L.L.C.
CHICAGO—Aon Risk Solutions has formed strategic partnerships to provide the hospitality industry with insurance coverage for bedbug infestations.