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Willis Towers Watson PLC on Wednesday said it has partnered with nine insurers to offer a new real estate program providing expanded property and liability coverages for several industries.
Coverage under the Real Estate Differentiated Broking Solutions program will be provided by Allianz SE, AmTrust Financial Services Inc., CNA Financial Corp., Crum & Forster, Hartford Financial Services Group, QBE Insurance Group Ltd., Sompo International Holdings Ltd., The Travelers Cos. Inc. and Zurich Insurance Group.
The program focuses on real estate holding and other investment offices, hotels, rooming houses, camps and other lodging, golf courses and shopping malls, Willis Towers Watson said in a statement.
Core coverages available via the program include property, general liability, business auto, workers compensation and umbrella liability insurance, Willis Towers Watson said.
Expanded property coverages available include a $1 million limit for contingent time element, civil authority coverage with a five-mile radius, electronic vandalism coverage, a $5 million limit for newly acquired premises – real property, and a $1 million limit for off-premises service interruption.
Coverage is available on a stand-alone or expanded package basis and minimum coverage requirements are pre-negotiated.
“The uncertain and rapidly changing insurance market combined with increasing exposure to risks faced by our clients require an insurance risk transfer strategy to effectively navigate these perilous times,” Joe Peiser, global head of broking for Willis Towers Watson, said in a statement.
“This new program will create a path to minimize real estate clients’ exposure to losses while aligning with an insurance company’s risk appetite,” Mr. Peiser said.
Brown & Brown Inc. on Friday said its California division has acquired substantially all the assets of insurance brokerage Austin & Austin Insurance Services Inc.