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Aon PLC has introduced nondamage business interruption coverage designed to protect income streams of companies with an abundance of intangible assets, the broker said in a statement Tuesday.
Nondamage business interruption policies protect the revenues of companies such as hotels, retailers, pharmaceutical firms and transportation companies against business interruption costs that result from an event without physical damage, Aon said in a statement.
The coverage is structured by Aon’s innovation and solutions team and can utilize parametric indices together with traditional insurance and reinsurance, the statement said, adding both Lloyd’s of London and Swiss Re Ltd. are providing capacity.
For example, the product can help firms such as the hospitality and retail sectors mitigate the financial impact of lower client footfall following events such as delays or cancellations to transportation, the statement said.
“Given that more and more businesses comprise either few or a low concentration of physical assets, there is a need for an insurance product that places less emphasis on the physical damage component of a loss,” Kurt Cripps, head of Aon’s innovation and solutions team, said in the statement.
The use of representations and warranties insurance for mergers and acquisitions continues to grow, according to a report issued Thursday by Aon PLC.