If you have a client that’s too big for a Business Package Insurance policy but too small for an Industrial Special Risks (ISR) policy, you may need a Goldilocks option – not too big and not too small, but just right.

Miramar Property Underwriters Kate McDonald and Chris Jennings say the Miramar Asset Protection (MAP) Insurance Policy may be the unique solution that many businesses and property owners are looking for.

What is Miramar Asset Protection Insurance

MAP is comprised of four key sections of cover – property damage, business interruption, general and products liability and management liability.

“MAP offers the flexibility of a package cover but is based on an ISR format for sub-limits and limits of liability,” Chris explains.

Kate adds that it also includes accidental damage cover up to the policy limit, in contrast to the lower limits available in a Business Pack or ISR policy.

General and products liability cover is available with $10 million or $20 million limits under the policy and the management liability cover limit is available up to $2 million.

Machinery breakdown cover can be added up to a sub-limit of around $20,000 for businesses that need it as an incidental, rather than standalone cover. 

What types of businesses is MAP suitable for?

Kate explains that MAP is suitable for most medium-sized businesses within Miramar’s risk appetite, but is especially useful for property owners with single or multiple locations, whether they be factory, industrial, retail, warehousing or wholesale.

“For property owners it works well to have liability and a small amount of machinery cover in the one policy,” she adds.

The Miramar advantage

MAP bridges an important gap in cover – it saves brokers with ‘Goldilocks’ clients from having to arrange a different stand-alone insurance policies.

It also highlights the advantages of dealing with an underwriting agency like Miramar, which, though more specialised than a general insurer, can still offer a broad range of cover.

This is underscored by the fact that MAP can be tailored to meet the needs of the client but with some flexibility within the policy to cater to businesses of different sizes.

“If you think you might have a client that’s suitable for MAP, get in touch and we can guide you,” Chris says.

Contact us for more information

For more information, or to enquire about whether Miramar Asset Protection Insurance Policy might be suitable for your clients, Miramar’s experienced team of underwriters can help.  

Contact our property team at property@miramaruw.com.au.

Miramar Underwriting Agency Pty Ltd (‘Miramar’) acts as agent for the Insurer(s) of the products, certain underwriters at Lloyd’s and HDI Global Specialty SE – Australia.