Aon Risk Solutions, the global risk management business of Aon Corporation, announced its strategic alignment with Global Excess Partners, an innovator in the insurance specialty products business, and Terminix, to unveil the first ever bed bug insurance solution for hotels, landlords, student housing, corporate businesses and leisure travelers.
This suite of products offers an integrated pest management approach to specifically target bed bugs and combines insurance coverage with Terminix's specialist bed bug elimination resources to deliver cost savings and greater budgetary certainty while successfully treating and protecting premises.
"When we heard and saw what Terminix can do, we realized there was an opportunity to not only develop an insurance product, but to partner with the resources of the leading professional bed bug specialist to raise the stakes in the war against bed bugs," said Mary Pat Thurston, a partner with GEP.
"This is the first comprehensive insurance product for bed bug infestation and the first response from the private sector to address a growing national issue," added Aon Risk Solutions' National Property Practice Leader Al Tobin. "We are committed to helping businesses and individuals stop the spread of this epidemic."
Previously, the cost of bed bug elimination and replacement of infested property was excluded in property insurance policies, and only those hospitality companies with loss of attraction coverage on their policies had any protection for lost business resulting from taking rooms out of service. Most bed bug-related expenses were unplanned cost items paid out of pocket.
This new suite of products delivers the following benefits, subject to policy limits, terms and conditions:
*Insurance to cover the cost of bed bug elimination
*Insurance to recover lost revenue resulting from taking rooms out of service during bed bug elimination
*Dramatically reduced need to destroy room contents; in many situations, contents can be successfully treated rather than destroyed and replaced
*Multi-faceted, integrated bed bug management approach includes a new, non-toxic elimination treatment that can return a room to service in five days or less
*Discounted rates for mattress encasements and bed bug kits for greater peace of mind
*Tips to prevent further outbreaks
Nancy Green, executive vice president of Aon Risk Solutions, stated: "The hospitality industry has been dealing with this unplanned, uninsured exposure for years but never had a product to help manage its variability. With the heightened awareness in the real estate and education sectors and the elevated concerns of business and leisure travelers nationwide, there has never been a more important time for the private sector to bring a comprehensive solution to the table."