It’s a problem many brokers are familiar with – a client that’s too big for a Business Package Insurance policy but too small for an Industrial Special Risks (ISR) policy.

That’s why Miramar developed a unique policy that caters to the risks and needs of these clients.

Miramar Property Underwriters Kate McDonald and Chris Jennings explain what makes the Miramar Asset Protection (MAP) Insurance Policy the “best of both worlds” for many businesses and property owners.

What is Miramar Asset Protection Insurance?

Four key sections of cover make up the MAP policy – property damage, business interruption, general and products liability and management liability.

“While MAP offers the flexibility of a package cover, it’s 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 line with limits available under a Business Pack.

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.

Miramar can add machinery breakdown cover 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, including but not limited to:

• Property owners, including factory/industrial, homemaker centres, shopping centres, and more.
• Plumbing/electrical/tile/general hardware wholesaling.
• Freight forwarders/3PL (excluding high hazard).
• Engineering/machinery manufacturers.
• Electronics manufacturing.
• Importers and wholesalers.

However, it’s especially beneficial for property owners with single or multiple locations, whether they be factory, industrial, retail, warehousing or wholesale.

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

Miramar’s exclusive solution

MAP bridges an important gap in cover – it saves brokers with clients stuck between policies from having to arrange a different standalone insurance policy.

It also highlights the advantages of dealing with an underwriting agency like Miramar, which can offer to arrange a broad range of cover and has decision-making underwriters available to discuss your risk.

“Miramar can tailor the MAP policy to meet the needs of the client, with some flexibility within the policy to cater to businesses of different sizes,” Chris says.

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

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.