Property policies

Whether your company is mid-sized or multinational, your property – buildings, equipment, stock and supplies and more – is what makes your business operate and create value. We can help you protect the things that make your business work with tailored property insurance solutions, including domestic property, global property, captive programs and equipment breakdown coverage – all backed by a global network of experienced risk engineering and claims professionals serving customers in 200 countries and territories.

Why Zurich?

Based on the needs of your large domestic, multi-national or mid-sized business, Zurich offers proprietary policies which can be easily customized to address your coverage limit and deductibles.

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Property policies solutions

Zurich Property Portfolio Protection (Zurich PPP)

A Zurich underwriter can work with you to tailor your Zurich PPP to your risk by leveraging the insurance protection it provides for:

  • A broad definition of real property — Includes foundations, paved surfaces, retaining walls, and improvements and betterments of the tenant, providing coverage at full limits
  • Ordinance or law — Automatically included within replacement cost coverage with no sublimit
  • Equipment breakdown — Provides coverage and lower administrative costs for the insured by automatically building insurance protection into the form
  • Original information property Includes an approach to connecting traditional coverage for documents with today’s digital world by offering automatic coverage for valuable papers, accounts receivable and electronic media
  • Extended period of indemnity — Covers loss of business income beyond the period of restoration of the damaged property
  • No vacancy clause — Eliminates any  reductions in coverage based on reduced occupancy at time of loss
  • No margin clause — Eliminates any restriction of full payment based on excessive loss amount at a single location
  • No coinsurance clause — Insured’s contribution can be  known in advance, regardless of size of loss

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Zurich PPP coverage is equipped to align with and support the specific needs of industries, including financial institutions, healthcare, real estate, manufacturing, technology and construction. Here are highlights of industry-focused endorsements:

 

Financial institutions

  • Original information property — Provides coverage for replacement of valuable papers regardless of format, which is especially important for institutions handling the money and securities of others
  • Newly acquired property — Automatically extends coverage to newly acquired premises, reducing potential for coverage gaps
  • No vacancy exclusion — Eliminates any reduction in coverage as a result of vacant property, which can be especially important in times of heightened regulatory oversight and restructuring
  • Ordinance or law — Provides coverage  for the expenses to rebuild or repair building to comply with ordinance or law requirements

 

Healthcare

  • Decontamination expense — Covers the reasonable expense to clean up and decontaminate property if damaged by a pollutant as a result of a covered cause of loss, and there is an ordinance or law in effect at the time the covered loss or damage occurs that requires the cleanup and decontamination of property
  • Patient evacuation —Covers the expense of moving patient to another location in case of an imminent injury (e.g., electrical power loss from a covered cause of loss ) and then bringing patient back to the hospital when it is safe
  • Radioactive contamination — Provides coverage for loss or damage to covered property caused by sudden and accidental radioactive contamination
  • Communicable disease suspension of operations — Provides business income coverage in the event that a public health official or governmental authority shuts down access to the facility due to a communicable disease or threat of the spread of a communicable disease
  • Mobile medical equipment — Provides coverage for equipment that is off the premises, which can be particularly valuable for rural hospitals that often need to transport an MRI or CAT scan to a clinic or to another hospital for its use

 

Real estate 

  • Contingent real property — Provides coverage for real property in the event the primary policy is not in effect or is deficient
  • Down zoning — Provides coverage for losses resulting from a change in zoning laws, such as limiting the size to which the building can be rebuilt
  • Tenant replacement expense — Covers  reasonable and necessary advertising cost or broker fees to obtain new tenants if a property loss results in the cancellation of tenant lease
  • Increased tax assessment — Covers the increased real estate tax as a result of repairs, replacements or improvements to the property after loss
  • Tenant relocation — Reimburses for relocation expenses incurred by the insured for tenants who need to be temporarily evacuated
  • Extended period of indemnity — Covers the loss of business income beyond the period of restoration of the damaged property

 

Manufacturing

  • Boiler, machinery and equipment breakdown — Eliminates the need for a separate policy to cover business-critical machines and equipment
  • Transit — Covers physical loss or damage to covered property while in transit, whether the property is owned by the customer or others
  • Selling price on finished stock — Reimburses for the selling price of finished stock, including profit margin
  • Worldwide dependent business income — Provides coverage for loss of business income occurring due to physical loss or damage to property of a key supplier

 

Technology

  • Research and development property — Provides coverage to reproduce prototypes and documentation for product development
  • Electronic vandalism — Covers direct loss or damage to certain data as a result of network and data attacks
  • Electrical injury — Reimburses for damage to sensitive electronic equipment from surges, blackouts or brownouts
  • Worldwide dependent business income — Provides coverage for loss of business income occurring due to physical loss or damage to property of a key supplier
  • Spoilage malfunction — Reimburses the cost of spoiled research and development property  inside coolers, chillers or refrigerators due to equipment breakdown
     

Construction

  • Contractors’ equipment — Covers contractors' equipment that is owned, non-owned or leased/rented, including the boom and jib weight overload and expediting expense coverage
  • Equipment rental reimbursement and continuing expense — Provides coverage for the additional expenses incurred to rent and set up replacement contractors’ equipment, overtime wages to operate equipment to get the project back on track and excess rental expense
  • Installation property — Extends coverage for insured property that is to be installed by the contractor to the project location, temporary location and while in transit
  • Riggers’ liability — Provides coverage for contractors who perform hoisting, rigging, millwright work, etc., with property of others in their care, custody or control

The description of the policy provisions gives a broad overview of coverages and does not revise or amend the policy.  Coverages and rates are subject to individual insured meeting our underwriting qualifications and product availability in applicable states.  

 

Zurich Edge®

Managing a multinational business demands “all risk” protection to secure operation continuity seamlessly from country to country. Zurich Edge® is designed to set the benchmark in property insurance for customers in highly protected risk markets. It is structured and written with a high degree of flexibility in options and pricing, while providing greater alignment with the applicable jurisdictions’ regulations where we provide insurance.

We offer a wide variety of features to support businesses who have a large network of properties to help them reach greater  global alignment and efficient management:

  • Industry-competitive solution — Features coverages, limits and flexibility that are competitive with the leading domestic and global property forms on the market today
  • Easy to understand — The policy is written clearly, concisely and understandably in contemporary policy language, with all limits, sub-limits and other critical coverage issues incorporated within the policy declarations
  • Based on broker recommendations — A number of coverage enhancements have been implemented based on broker feedback, including the elimination of several sub-limits
  • Greater alignment with local regulations — Zurich’s Multinational Insurance Application (Zurich MIA) helps provide greater assurance of the alignment with local insurance regulations and business protocols, making it particularly effective for use in global property programs and global property fronting arrangements
  • Designed for international programs — Zurich Edge® can be used as the master policy governing local policies under a centrally managed international program
  • Global service network — Zurich Edge® is supported by a Zurich global network serving customers in over 180 countries and territories, including more than 800 experienced risk engineers and over 8,000 claims professionals*.

*Zurich Insurance Group is a leading multi-line insurance 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.