With the increasing frequency and severity of natural catastrophes a growing concern for property customers, the updated PPP coverage makes additional deductible options available to allow more flexibility for risk management strategies and budgeting for climate-related events, Zurich said.
Other enhancements include new decontamination expense, loss prevention expense, and worldwide mobile communications property coverage. Better Green – a coverage that aims to increase building efficiency and reduce environmental impact – is now automatically included via sublimit. The policy’s extended period of sublimit also now includes overhead transmission and distribution lines – previously optional – as part of the base coverage.
The new PPP form features simplified language and improved formatting for easier readability and customization, Zurich said. Changes include user-friendly streamlining. Several coverages have changed from premises-based to occurrence-based triggers, and some coverages have been renamed to be more consistent with standard industry usage.
Read next: Zurich reveals full-year financial results
“For more than 17 years, Zurich Property Portfolio Protection has provided an expansive policy solution to help mid-sized businesses protect their property and their operations,” said John Mizzi, head of industry practices for US middle market at Zurich North America. “With this update, we’re showing that we’re not just listening to our customers and brokers, we’re taking action to make doing business with us easier as risks they face grow more complex.”
In conjunction with the PPP update, Zurich is launching the Summit Package, which combines PPP and general liability insurance with industry-specific enhancements. The Summit Package includes multiple, frequently requested coverages in a single coverage endorsement, Zurich said.
“Zurich has become an industry-leading carrier for middle-market insureds,” said Alex Wells, head of US middle market at Zurich. “With the Summit Package, we’re providing another path to greater efficiency for middle-market customers and the distributors who work with them. Combining our Property Portfolio Protection – a preferred form for our customers and insureds – and general liability coverages will allow many customers to simplify their strategies for greater overall protection for their companies.”
The PPP update and the Summit Package are available now for new business and will be available for renewals starting May 1, subject to filing and approval and qualification.
Zurich also recently launched a climate-related offering for commercial clients and partnered with Innovative Captive Strategies to create a captive for sustainability-minded companies.
Have something to say about this story? Let us know in the comments below.