XL Group insurance operations has launched a new product, XL Commercial Advance, for companies in the United Kingdom with a turnover of up to £250 million. This policy for the first time combines XL Group’s property and liability coverages, providing a comprehensive risk transfer solution for businesses.
XL Commercial Advance combines core coverages for Property, Business Interruption, Money, Employers, Public and Products Liability together with a host of key extensions. The product is aimed at a wide range of industries from manufacturing and engineering through to retail, leisure and real estate, and will be written using XL Group’s recently launched Upper Middle Market Property & Casualty platform.
The policy incorporates the launch of XL Group’s “Back to Business” clause. XL Group have identified the need for businesses to get back on their feet as soon as possible following any loss as a priority. To assist with this, “Back to Business” promises to pay up to a maximum of £5m shortly after the loss, consisting of a payment of 50% of XL Group’s best estimate of a valid property damage claim within 14 days of notification of the loss and a defined amount towards any Business Interruption claim within 14 days of details being provided. The remainder of the claim will be adjusted and paid as quickly as possible.
Denis Burniston, Chief Underwriting Officer UK Middle Markets, said “In today’s economic climate, the need for businesses to recommence trading quickly following a loss is particularly relevant. We have developed our Back to Business clause to ensure that our customers are able to do this, minimising the disruption to their businesses.”
