Property Performance
Property Performance is a sophisticated property damage and business interruption insurance product for high quality, medium to large sized risks across multiple industrial sectors. It offers outstanding benefits to clients and their brokers.
Market
Well managed medium to large risks with proven positive attitude to loss prevention.
Combined Property Damage and Business Interruption sums insured exceeding SEK 500 Million.
Combined Property Damage and Business Interruption premiums exceeding SEK 50.000.
Multinational businesses with operations in one or more overseas locations.
Features & Benefits
- Maximizes clients’ business continuity with broad coverages, and outstanding claims and loss prevention engineering services.
- Optimized BI cover: BI claims settled on the greater of Gross Profits and Gross Earnings basis.
- No “average” condition and reduced conditions and warranties to simplify and speed up the claims process.
- AIG aims to write 100% of Property Performance risks, allowing us to deliver our claims promise.
- Claims promise: after a large loss we will make a cash advance to our client as soon as possible of 50% of agreed estimate for property repairs, clean-up costs and extra costs to reduce loss, to help cash flow.
- Global loss prevention engineers to help clients reduce loss potential, benchmark their performance against competitors and catastrophe planning.
Cover
- Business income loss payable on the greater of Gross Profits basis of loss and Gross Earnings basis of loss.
- All Risks Property Damage cover including: ◦Insured’s own clean-up costs.
- Equipment breakdown cover.
- Upgrade to green cover.
- Cyber cover.
- Full theft cover.
- Reduced conditions and warranties (no sprinkler warranty, no security alarm warranty, no stock stillage warranty.
- Business Interruption.
Client choice of cover - to maximize business continuity
Property Performance gives clients great flexibility after a Business Interruption loss by allowing them to select the most favorable basis of cover. Cover on a Gross Profits basis covers loss of Business Income up to the maximum period of indemnity. Cover on a Gross Earnings basis covers loss of Business Income up to when the property is repaired and the business can resume operation.
Optimizing client recovery
The most favorable basis of cover depends on the individual loss scenarios. To ensure your client gets the benefit of this, we undertake both calculations and pay the greater of the two amounts.
When is cover on a Gross Profits basis advantageous?
After a loss, repairs are completed quickly and the business resumes operations but there is an ongoing loss of business income, as it takes time to recover sales lost to local competition. In this situation a Gross Profit basis of claims settlement, covering loss of business income up to the maximum indemnity period may be beneficial to clients.
When is cover on a Gross Earnings basis advantageous?
After a loss repairs take longer than the indemnity period. This can be the case after a local catastrophe creates difficulties sourcing labour and materials, or there may be delays when the premises are not owned and controlled by the insured. In these situations cover on a Gross Earnings basis up to the point where the property is repaired may be beneficial.
All-risk property Insurance
Features & Benefits
- Property Damage and Business Interruption - All Risks coverage including Subsidence.
- Buildings, Contents, Machinery/Plant and Stock.
- Property at third party premises.
- Goods in Transit.
- Loss of Gross Profit.
- Additional Increase in Cost of Working.
Business Interruption Extensions
- Contract Sites.
- Inland Transit.
- Unspecified Customer
Cover
Optional Covers
- Terrorism.
- Equipment Breakdown (electrical/mechanical) including boilers and pressure plant, electrical plant, lifting and handling plant.
- Computer Breakdown.
- Unspecified Supplier
