The new insurance offers customisable coverage to address critical risks impacting the commercial real estate industry

Sompo, Marsh & Mclennan

Sompo and MMA launch new customisable insurance for real estate industry. (Credit: Pixabay/Pexels)

Sompo Global Risk Solutions (GRS) has partnered with Marsh & McLennan Agency (MMA) to launch a new insurance solution to support commercial real estate market.

The new customisable insurance solution is claimed to be applicable for commercial real estate owners of all scales, can help in controlling costs, streamline policy administration and address potential gaps in the coverage.

GRS and MMA claim to have developed a new offering for the real estate marketplace with international capabilities and customised coverage to address critical risks that impact the commercial real estate industry.

The solution is also touted to support the businesses, owners and managers in the real estate industry in bringing down costs and to simplify their insurance programmes in the wake the challenging conditions created by the Covid-19 pandemic.

Sompo Global Risk Solutions CEO Michael Chang said: “We are pleased to collaborate with Marsh & McLennan Agency to offer this multiline solution tailored specifically for commercial real estate owners.

“This program leverages Sompo International’s technical and multiline capabilities, financial strength and deep expertise within the real estate industry vertical.”

The insurance will cover property, general liability and weather risk protection

The MMA Select Commercial Insurance Program will allocate industry-specific underwriting, claims, and risk control expertise to support commercial real estate firms including office, retail and industrial customers in addition to warehouses, data centers and self-storage facilities.

The policy structure, which is claimed to be flexible, can include incidental hotel and habitational properties for the primary lines of coverage in diversified portfolios.

The coverage includes property, general liability, umbrella, workers compensation, environmental, commercial auto and parametric weather risk protection.

MMA business insurance & national partnerships executive vice president Denise Perlman said: “In these times of uncertainty, owners and managers are seeking stable risk partners who understand the unique challenges inherent to each segment of the Real Estate industry.

“In partnership with Sompo GRS, the Select Commercial Insurance Program offers real estate owners a comprehensive set of resources for navigating the volatility of today’s market with a broad range of coverages, competitive pricing, and a simplified approach to insurance and risk management.”