Posted on 16 Jan 2009
As mid-sized commercial real estate firms work to navigate the challenges of the economic recession, Marsh, one of the world’s leading insurance broker and risk advisors, has announced the creation of a comprehensive insurance program that may help these firms achieve cost savings and administrative efficiencies through portfolio purchasing power.
The Marsh program, known as PRIZM (Portfolio Real Estate Innovations Zurich Marsh), offers a single solution that can provide coverage for a wide range of property, casualty, environmental, and management liability exposures facing these firms today. Member companies of Zurich North America Commercial are underwriting the program.
“As they try to navigate in this difficult economy, many real estate firms throughout the U.S. are looking for innovative approaches to simplify their insurance programs in ways that can enable them to achieve cost savings and streamline administration,” said Jeffrey S. Alpaugh, a managing director of Marsh and leader of the firm’s Global Real Estate Practice. “This program gives mid-sized real estate companies the advantage of a one-stop solution for the wide range of insurance coverages typically needed to protect real estate firms against the array of risks confronting them.”
The new Marsh program provides a comprehensive packaged product offering, including:
* Property insurance, including standard perils, green building exposures, and builder’s risk, as well as catastrophe coverage for windstorm, flood, earthquake, and terrorism;
* Casualty lines, including general liability, auto, statutory workers’ compensation, umbrella liability, and environmental;
* Management liability, including directors and officers liability (D&O), employment practices liability insurance, errors and omissions, and fiduciary liability coverage.
All coverage lines are available with separate limits so claims in one line do not erode coverage in others. In addition, the consolidation of coverages in the program can help to reduce the potential for gaps in coverage. PRIZM may be available for all segments of the commercial real estate industry, including office, industrial, retail, hotel, and apartment properties.
Marsh has 24,000 employees and provides advice and transactional capabilities to clients in over 100 countries. Marsh is a unit of Marsh & McLennan Companies (MMC), a global professional services firm with more than 55,000 employees and annual revenue exceeding $11 billion.