AIA launch unique business policy
American International Assurance has created a "unique" product specifically aimed at providing businesses with all their insurance requirements in one package.
Thursday, April 29th 1999, 12:00AM
American International Assurance has created a "unique" product specifically aimed at providing businesses with all their insurance requirements in one package.The product is so unique AIA had to pitch it at a number of re-insurers until it would find one that would back the concept.
The BusinessMaster Plan is a package of policies that provides cover for partnership/shareholder, valuation, key person and contingent debts. It is made up of death cover, total permanent disability and trauma cover.
General manager David Whyte says BusinessMaster Plan is specifically designed to protect the business for future insurance needs.
One of its key features is the package is that the insured can increase the cover by five times the initial amount insured without having to provide evidence of health.
However, the policy owner does have to substantiate the need for increased by providing financial evidence.
Whyte says package is aimed at medium-sized businesses which are looking to grow and create wealth.
He says the business insurance market is large and reasonably untapped.
To find out more about BusinessMaster Plan click here
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