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Sompo International Holdings Ltd. Tuesday launched a replacement value coverage policy for U.S. commercial real estate firms and financial institutions.
The coverage, which is offered through the Bermuda-based insurer’s global risk solutions division, covers lenders or owners against losses from property damage that’s more than the replacement cost value of a property, a Sompo statement said.
Offered in conjunction with New York-based risk management and consulting firm Fisher Harris Shapiro Inc., the policy covers the difference between outstanding loan balances and the combined value of underlying property proceeds and land used to collateralize loans in the event of losses.
The coverage is designed to help policyholders complete financing and reduce borrowing costs, the statement said.
The coverage is offered through retail brokers and agents that use Fisher Harris Shapiro as a consultant, a Sompo spokeswoman said. The policy provides limits up to $100 million.