Marsh’s PRIME Habitational Facility wins 2015 Business Insurance Innovation Award
New York, NY | Thursday, 05 March 2015
Marsh, a global leader in insurance broking and risk management, today announced that it has received a 2015 Innovation Award from Business Insurance® for its PRIME Habitational Property Insurance Facility. This is the sixth consecutive year that Marsh has been named an Innovation Award winner.
The Business Insurance® Innovation Awards recognize leadership, inventiveness, and ingenuity in products and services designed for professional risk managers. Winners are chosen by an independent panel of risk management professionals based on originality, relevance to risk managers, effectiveness, presentation, and results achieved.
Launched in 2014 and designed specifically for those who own or are investors in multifamily properties, Marsh’s PRIME Facility offers broad, competitive coverage terms and pricing for property risks associated with multifamily projects, including those located in catastrophe-exposed areas. PRIME version 2.0, which was recently launched, includes the following updates to the facility: increasing limits, reducing the deductible, and expanding coverages for multi-family. Additionally, coverage is now available for student housing, single-family owners and operators, and coverage for tax credits for low income and historic properties.
“We are thrilled to win this award as it is a testament to the innovation and thought leadership, we strive to deliver to clients every day,” said Jeffrey Alpaugh, Marsh’s Global Real Estate & Hospitality Practice leader. “Clients came to us seeking an alternative solution to what was available in a very challenging multifamily property insurance market. Working with Marsh’s specialist international placement broker Bowring Marsh, we were able to deliver an innovative and comprehensive solution at a more affordable price.”
Innovation Award winners, including the PRIME Habitational Property Insurance Facility, were featured in the March 2 edition of Business Insurance®.
About Marsh
Marsh is the world’s leading insurance broker and risk advisor. With around 40,000 colleagues operating in more than 130 countries, Marsh serves commercial and individual clients with data-driven risk solutions and advisory services. Marsh is a business of Marsh McLennan (NYSE: MMC), the world’s leading professional services firm in the areas of risk, strategy and people. With annual revenue over $17 billion, Marsh McLennan helps clients navigate an increasingly dynamic and complex environment through four market-leading businesses:. Marsh, Guy Carpenter, Mercer and Oliver Wyman. For more information, visit mmc.com, follow us on LinkedIn and Twitter or subscribe to BRINK.