Zurich updates Property Portfolio Protection as part of Summit Package launch
NewsroomNewsMarch 2, 2023
Schaumburg, Ill. – Zurich North America has updated its market-leading Property Portfolio Protection (PPP) coverage, responding to feedback from brokers and Middle Market customers. The update advances Zurich’s strategy to address a fast-evolving risk landscape and challenging market conditions, while also simplifying forms and processes for ease of use.
With the increased frequency and severity of natural catastrophes a growing concern for Property customers, the updated policy makes additional deductible options available to bring more flexibility to risk-management strategies and budgeting for climate-related events.
Other enhancements include new Decontamination Expense, Loss-Prevention Expense and worldwide Mobile Communications Property coverage. Better Green — a coverage that is part of Zurich’s commitment to sustainability, aimed at increasing building efficiency while helping reduce environmental impact — is now also automatically included via sublimit. The policy’s Extended Period of Indemnity now includes Overhead Transmission and Distribution Lines (previously optional) as part of the base coverage.
The new PPP form also features simplified language and improved formatting for greater readability and easier customization. Broader changes include user-friendly streamlining, such as making Business Income with Extra Expense a single form and including the Unscheduled Locations time element coverage sublimit in the Business Income with Extra Expense form. Several coverages have changed from premises-based to occurrence-based triggers, and certain coverages have also been renamed to be more consistent with standard industry usage.
“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, U.S. Middle Market for 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 to maximize efficiency and simplification of processing the General Liability policy. Some loss-sensitive structures may require stand-alone Property and General Liability policies.
“Zurich has become an industry-leading carrier for Middle Market insureds. With the Summit Package, we’re providing another path to greater efficiency for Middle Market customers and the distributors who work with them,” said Alex Wells, Head of U.S. Middle Market for Zurich. “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 Property Portfolio Protection update and Summit Package are available now for new business and will be available for renewals starting May 1, 2023, subject to filing and approval, including local variation in terms and conditions, and qualification.
Those interested in finding out more about Zurich’s Property Portfolio Protection and Summit Package policies can contact a Zurich representative.
Media contact:
For media inquiries, contact Jennifer Schneider, Zurich North America, at 847-605-6511 or Jennifer.Schneider@ZurichNA.com.
This is intended as a general description of certain types of insurance and services available to qualified customers through the companies of Zurich in North America, provided solely for informational purposes. Nothing herein should be construed as a solicitation, offer, advice, recommendation, or any other service with regard to any type of insurance product underwritten by individual member companies of Zurich in North America, including Zurich American Insurance Company, 1299 Zurich Way, Schaumburg, IL 60196. Your policy is the contract that specifically and fully describes your coverage, terms and conditions. The description of the policy provisions gives a broad overview of coverages and does not revise or amend the policy. Coverages and rates are subject to individual insured meeting our underwriting qualifications and product availability in applicable states.