Aon Delivers Unprecedented Suite of Insurance Coverages for Middle Market Technology Companies
14 Aprile 2009 - 7:11PM
PR Newswire (US)
New integrated product offering underwritten by Zurich North
America takes features historically found only in large corporate
programs and brings them to the middle market CHICAGO, April 14
/PRNewswire-FirstCall/ -- Aon Corporation (NYSE:AOC), the leading
provider of global risk management and consulting services, has
introduced an integrated suite of insurance products designed to
bring middle market technology companies the coverage enhancements
historically only available to large corporate clients. (Logo:
http://www.newscom.com/cgi-bin/prnh/20041215/CGW049LOGO) Known as
Aon Preferred for Technology, the new product suite has been
developed by Aon in conjunction with Zurich North America's
Commercial Middle Market Technology team in response to client
requests for a global solution that can efficiently meet the
insurance needs of middle market companies. These companies share
many of the same risk characteristics as Fortune 500 firms and in
the past have been challenged to address these risks in a
cost-effective manner. Aon Preferred for Technology provides broad
coverage to help mitigate catastrophic exposures that exist by
doing business around the world. Through the global presence of
both Aon and Zurich, Aon Preferred for Technology can address risks
virtually anywhere in the world a client operates. "All too often,
creating an optimal risk management program to meet the needs of a
global middle market technology company has involved patching
together various products, coverage and services from a myriad of
carriers, leading to potential uninsured gaps, cost inefficiencies
and burdensome administrative requirements," said Michael Flanagan,
managing director of Aon Risk Services' Technology Practice. "We
spoke to clients and discussed the need to make the insurance
purchasing process easier and more integrated while minimizing the
risk of coverage gaps resulting from the use of multiple markets."
The suite has been tailored to meet the rapidly evolving needs of
technology companies to include directors and officers liability,
marine cargo, property, professional liability and workers
compensation. Following are principal examples of the numerous
coverage enhancements made to Zurich's insurance products: --
Contingent product recall coverage for expenses associated with the
failure of a supplier to indemnify the insured for product recall
expense -- Blanket limits for property, business interruption and
stock -- 365 days of extended period of indemnity -- Earthquake
sprinkler leakage coverage -- Marrying of the general liability and
errors & omission policy around professional liability
Contingent product recall coverage represents a major product
innovation for technology companies that rely on third parties to
develop in part or whole an element of the company's product. This
coverage, which will reimburse the insured for recall expenses
should the third party be unable to provide reimbursement,
addresses what has long been one of the industry's most concerning
risks. "The tailoring of each insurance policy has been an
important step in the process of bringing Aon Preferred for
Technology to market," said Tom Fitzgerald, senior managing
director of Aon Preferred and a chief architect of the new product
suite. "Especially in an industry like technology, which was built
on the concept of 'innovate or evaporate,' it is critical that we
solve client concerns by developing new solutions that push the
envelope beyond what we previously thought was possible." Aon
Preferred for Technology is an ideal solution for multiple segments
of the technology industry, including electronics, information
technology, factory automation, semiconductors and application
software. The new product suite is being offered as part of Aon
Preferred - a platform designed to deliver innovative insurance
offerings that are both product- and industry-specific. The Aon
Preferred team has created panels of insurance carriers that either
have broad interest in a specific line of coverage or broad
appetite for a specific industry. For more information, visit
http://www.aon.com/solutions. About Aon Aon Corporation (NYSE:AOC)
is the leading global provider of risk management services,
insurance and reinsurance brokerage, and human capital consulting.
Through its more than 37,000 colleagues worldwide, Aon readily
delivers distinctive client value via innovative and effective risk
management and workforce productivity solutions. Aon's
industry-leading global resources and technical expertise are
delivered locally through more than 500 offices in more than 120
countries. Named the world's best broker by Euromoney magazine's
2008 and 2009 Insurance Survey, Aon also ranked highest on Business
Insurance's listing of the world's largest insurance brokers based
on commercial retail, wholesale, reinsurance and personal lines
brokerage revenues in 2008. A.M. Best deemed Aon the number one
insurance broker based on brokerage revenues in 2007 and 2008, and
Aon was voted best insurance intermediary, best reinsurance
intermediary and best employee benefits consulting firm in 2007 and
2008 by the readers of Business Insurance. For more information on
Aon, log onto http://www.aon.com/. About Zurich Zurich's North
America Commercial and Global Corporate in North America business
divisions are part of Zurich Financial Services Group (Zurich), an
insurance-based financial services provider with a global network
of subsidiaries and offices in North America and Europe as well as
in Asia Pacific, Latin America and other markets. Founded in 1872,
the Group is headquartered in Zurich, Switzerland. It employs
approximately 60,000 people serving customers in more than 170
countries. In North America, Zurich does business through Zurich
North American Insurance Company (http://www.zurichna.com/), a
leading commercial property-casualty insurance provider serving the
global corporate, large corporate, middle market, specialties and
programs sectors. Media Contact Allyson Marcus KemperLesnik
312.755.3592
http://www.newscom.com/cgi-bin/prnh/20041215/CGW049LOGO
http://photoarchive.ap.org/ DATASOURCE: Aon Corporation CONTACT:
Allyson Marcus of KemperLesnik, +1-312-755-3592, , for Aon
Corporation Web Site: http://www.aon.com/ http://www.zurichna.com/
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