Pandemic protector offers tailored coverage for future outbreaks of known and unknown origin
A new insurance policy from One80 Intermediaries (One80) is among the first and most accessible solutions for risks arising from pandemics and epidemics.
The Covid-19 pandemic is creating financial losses across organizations of all sizes. With the global economy forecast to shrink 5.2% in 2020, hundreds of U.S. businesses declaring bankruptcy and major lenders setting aside billions of dollars in reserves for anticipated loan defaults, the impact of future outbreaks signals a need for strong risk management options.
The policy, Pandemic Protector, is underwritten in the London market and exclusively available from One80 Intermediaries, a national wholesale broker and program manager headquartered in Boston. The coverage is designed for all companies of all sizes – accessible for small to mid-sized businesses due to the lower limit offerings, and suitable for Fortune 500 companies as Pandemic Protector can offer up to $100M in total limits.
Pandemic Protector provides non-damage business interruption insurance for loss of gross profit due to an epidemic and/or pandemic outbreak. It will cover future outbreaks of both known and unknown diseases. The current outbreak of Covid-19 is not insurable retrospectively, but comparable future outbreaks are. With a low minimum premium, this customized policy provides broad coverage with a flexible definition of the epidemic triggers to meet insureds’ bespoke needs. The coverage also provides access to specialized experts to assist in outbreak mitigation and crisis management.
“In the wake of the Covid-19 outbreak, we are the first to offer both an affordable and highly customized pandemic and epidemic insurance solution,” said Matthew F. Power, President of One80 Intermediaries. “Other insurance providers have offered limited pandemic coverage in the past, at a much higher cost. Our coverage will meet the unique demands of each individual insured as it considers multiple aspects of each insured’s business. At One80 Intermediaries it is our mission to quickly respond to the needs of the insurance industry with market-leading, innovative products and services.”
One80 is the exclusive wholesale provider of Pandemic Protector, with access to A-rated insurance carriers in the London market arranged by C.J. Coleman & Company Limited, a leading Lloyd’s and London market brokerage. “Pandemic Protector is underwritten out of London by AM Best A-rated carriers,” said Mark Watson, North America Markets at C.J. Coleman. “We made the strategic decision to exclusively offer this product through One80 Intermediaries in the United States given One80’s expertise, service model and strong broker and client relationships.” he added.
Pandemic Protector is available to public and private sector entities of all sizes, and across most industries, in all 50 U.S. states.
Source: Company Press Release