Innovative Business Interruption Insurance Provides Income Protection Without Physical Loss
Lockton and Burns & Wilcox Brokerage launch P.A.I.D. insurance program to protect against lost income and increased cost from business interruptions
LOS ANGELES, Oct. 27, 2014 /PRNewswire/ -- Businesses can now protect their income stream from business interruptions without having to suffer physical damage, through a unique insurance program from Lockton. Designed with a client's bottom line in mind, Lockton risk experts in the US and in London, along with Burns & Wilcox Brokerage, designed the Protection Against Income Disruption (P.A.I.D.) insurance program to provide companies with tailor-made insurance policies that address gaps in coverage under their standard property policy.
"Our groundbreaking P.A.I.D. insurance program will be a distinct game-changer in the industry, the likes of which have not been seen since the advent of D&O and cyber policies," said Jared Mitilier, Senior Vice President and Gaming, Entertainment & Sports Practice Leader for Lockton. "Regardless of industry or company size, we customize this all-risk policy form with limited exclusions to meet any client's needs."
"The P.A.I.D. product is yet another timely example of the innovative solutions from Burns & Wilcox Brokerage that protects the bottom line of the insured," said Evan Bull, National Property Practice Leader of Burns & Wilcox Brokerage.
Traditional business interruption policies require physical property damage, such as a fire or windstorm, before a business can recover lost income. With turmoil occurring throughout the world from Ebola, political unrest leading to riots, mass shootings, food borne illness, natural catastrophes, and numerous other factors, businesses can sustain significant losses without experiencing any property damage. Lockton's P.A.I.D insurance program responds to all of these challenges.
"We've also made it easy for companies to provide their program submission with just four items: a completed P.A.I.D. application, a statement of values, a five-year property claims listing, and a copy of their current master property policy," explained Mitilier. "It's a simple submission that enables us to begin solving complex challenges."
Companies interested in solving their business interruption problems through Lockton's P.A.I.D. program can reach Mitilier at (949) 252-4424 or [email protected], or Bull at (646)-571-2353 or [email protected] for more information and to begin the submission process.
About Lockton
More than 5,300 professionals at Lockton provide 41,000 clients around the world with risk management, insurance, and employee benefits consulting services that improve their businesses. From its founding in 1966 in Kansas City, Missouri, Lockton has attracted entrepreneurial professionals who have driven its growth to become the largest privately held, independent insurance broker in the world and 10th largest overall. Independent researcher Greenwich Associates has awarded Lockton its Service Excellence Award for risk management for large companies. For six consecutive years, Business Insurance magazine has recognized Lockton as a "Best Place to Work in Insurance." To see the latest insights from Lockton's experts, check Lockton Market Update.
About Burns & Wilcox Brokerage
Burns & Wilcox Brokerage is a distinct business unit of The H.W. Kaufman Financial Group. Dedicated exclusively to wholesale insurance brokerage, Burns & Wilcox Brokerage includes a highly specialized team serving the largest retailers worldwide. More information can be found at www.burnsandwilcoxbrokerage.com.
Founded in 1969 and headquartered in Detroit/Farmington Hills, Michigan, The H.W. Kaufman Financial Group includes a global network of companies that serve insurance brokers, agents and carriers. The company is a leader in insurance distribution, brokerage, underwriting, reinsurance, real estate, premium financing, inspections, audits, risk management and third-party claims administration. The Kaufman Financial Group employs more than 1,400 professionals spanning 50 offices across the United States, Canada and United Kingdom. More information can be found at www.kaufmanfinancialgroup.com.
The description here is informational only, does not confer any rights or extend coverage and should not be relied upon as evidence of coverage or evidence of the terms, conditions or scope of coverage. The coverage afforded by any policy is subject to all the terms, conditions and exclusions of the insurance policy.
Logo - http://photos.prnewswire.com/prnh/20090415/CG99351LOGO
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/innovative-business-interruption-insurance-provides-income-protection-without-physical-loss-806016223.html
SOURCE Lockton
Related Links
WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM?
Newsrooms &
Influencers
Digital Media
Outlets
Journalists
Opted In
Share this article