XL launches new risk transfer product for big firms

XL Group plc’s insurance operations have launched a new risk transfer product for UK companies with a turnover of up to £250m.

XL Commercial Advance combines core coverages for property, business interruption, money, employers, public and products liability together with a number of key extensions.

The product is aimed at a range of industries from manufacturing and engineering through to retail, leisure and real estate, and will be written using XL Group’s recently launched upper middle market property and casualty platform.

The policy incorporates the launch of XL Group’s ‘Back to Business’ clause. The clause promises to pay up to a maximum of £5m shortly after the loss, consisting of a payment of 50% of XL Group’s best estimate of  a valid property damage claim within 14 days of notification of the loss and a defined amount towards any business interruption claim within 14 days of details being provided. The remainder of the claim will be adjusted and paid as quickly as possible.

XL’s UK middle markets chief underwriting officer Denis Burniston said: “In today’s economic climate, the need for businesses to recommence trading quickly following a loss is particularly relevant. We have developed our Back to Business clause to ensure that our customers are able to do this, minimising the disruption to their businesses.”