XL, a global insurance and reinsurance company has introduced a new risk transfer product, called XL Commercial Advance for the UK companies.
The new product incorporates property, business interruption, money, employers’, public and products’ liability and other extensions.
XL Commercial Advance will be written using the company’s recently launched upper middle market property and casualty platform, and is aimed at a wide range of industries from manufacturing and engineering through to retail, leisure and real estate.
The product includes a Back to Business clause which pays up to a maximum of £5m shortly following the loss, consisting of 50% of the estimate of a property damage claim and a defined amount towards any business interruption claim within two weeks of loss notification.
Rest of the claim will then be adjusted and paid as quickly as possible.
XL’s UK middle markets chief underwriting officer Denis Burniston said: "We have developed our Back to Business clause to ensure that our customers are able to do this, minimising the disruption to their businesses."