Arch Insurance Group, a member of Arch Capital Group, has released a new property insurance product, the Arch Property Maximizer Policy, which will be underwritten by Arch's global property division.
Arch Insurance has reported that the Arch Maximizer Policy will provide supplemental property insurance payouts based on a fixed percentage of an insured’s loss paid under the insured’s original property insurance policy.
The Arch Maximizer Policy will be distributed through select retail brokers and may be written on a ground-up quota share or excess basis with capacity up to 20% or $50 million per occurrence and annual aggregate. Current Arch participation on the original property policy is not required to access this product. Coverage under the Arch Maximizer Policy will be offered on the same basis as the insured’s original property insurance policy. All risks including, earthquake, flood, windstorm, boiler and machinery, and terrorism, may be included under this product.
Michael Kmetz, senior vice president for global property division at Arch Insurance Group, said: The Arch Property Maximizer Policy is a powerful product that fills an important void for many businesses, since traditional insurance policies fail to pay out for the total economic consequence of an insured’s loss.