Brit Limited (“Brit”), the global specialty insurer, is delighted to announce the launch of ‘Pay or Explain’, the first product to be able to offer a definitive timescale to respond to an insurance claim.
The product, aimed at those buying Marine Yacht insurance cover, is being launched at the Miami Boat Show, taking place 11-15 February 2016.
Currently, many yacht owners face significant uncertainty around the time it will take them to be paid out by their insurer should they make a claim. The ‘Pay or Explain’ policy is a guarantee from Brit that it will provide a roadmap to managing the claim within 30 days of being notified of a loss, for insurance cover of up to $/€ 150 million.
As part of the new product, Brit has put in place an infrastructure dedicated to improving the speed of managing the claim and, where appropriate, payment of the claim, which includes on-the-ground consultants, surveyors and specialist lawyers.
Steve Robson, Group Head of Claims at Brit, commented: “Buying an insurance policy is fundamentally about security and reassurance in the event of a loss. Despite this, significant uncertainty around the time taken to manage a claim often exists. By offering to ‘Pay or Explain’ within 30 days, Brit is able to remove this uncertainty and offer peace of mind for the insured. Supported by the specialist expertise needed to manage claims quickly, ‘Pay or Explain’ is also a clear demonstration of Brit’s commitment to innovating new products that speak to a real customer need.”
Mark Feltham, Executive Director, Marine, Willis Towers Watson, commented: “We’re only ever as good as our claims service and this initiative shows we’re prepared to go a step further than the competition. Having a leading Lloyd’s insurer openly commit to improving the efficiency of claims processing is very welcome. This is an excellent example of our market’s ability to innovate for the benefit of our clients.”