Marsh and Allianz Global Corporate & Specialty (AGCS) have pledged rapid access to funds for joint clients with major claims.

Their “major claim promise” covers property, construction and engineering losses worldwide, and is said to be the first of its kind to also include first-party marine.

For claims above $US3 million ($3.27 million) on which AGCS is the lead carrier, coverage will be confirmed as soon as possible.

AGCS will then pay policyholders 50% of their share of the agreed estimate for property damage and clean-up costs within seven days.

The pledge does not cover marine liability claims, including third-party claims from collisions under hull and machinery policies.

“This agreement ensures our clients get what they need when it really counts – fast confirmation of cover with immediate working funds when a major loss occurs,” AGCS Global Head of Claims Alexander Mack said.

Marsh Global Claims Practice Chairman David Pigot says the “extension… into the global marine sector is a significant industry development in delivering claims certainty to Marsh’s clients”.