Matthew Lerner

11/20/2018 10:16:00 AM

Source: Business Insurance

Aon PLC has introduced nondamage business interruption coverage designed to protect income streams of companies with an abundance of intangible assets, the broker said in a statement Tuesday.

Nondamage business interruption policies protect the revenues of companies such as hotels, retailers, pharmaceutical firms and transportation companies against business interruption costs that result from an event without physical damage, Aon said in a statement.

The coverage is structured by Aon’s innovation and solutions team and can utilize parametric indices together with traditional insurance and reinsurance, the statement said, adding both Lloyd’s of London and Swiss Re Ltd. are providing capacity.