Allianz Global Corporate & Specialty (AGCS) and insurance broking services provider Marsh have launched the AGCS/Marsh Major Claim Promise product that covers losses of major property, construction and engineering, apart from first-party marine claims worldwide.

In the event of a claim exceeding $3m, AGCS promises to provide policyholders with working funds of 50% of their share of the agreed estimate for property damage/repairs and clean-up costs, within a week. It is subject to confirmation of coverage under the policy.

The new product do not cover marine liability claims, including third-party claims arising out of collisions under Hull & Machinery policies.

Marsh chairman of global claims practice David Pigot said that the extension of the Major Claim Promise into the global marine sector is a significant industry development in delivering claims certainty to Marsh’s clients.

AGCS Global Claims head Alexander Mack added, "This agreement ensures that our clients get what they need when it really counts: fast confirmation of cover with immediate working funds when a major loss occurs."