2012-02-09 20:46:18 -
AON announced today the expanded availability of Aon Rent Protect across additional states in the U.S.
HATBORO, Penn. (February 9, 2012) – Aon, the leading global provider of risk management services, insurance and reinsurance brokerage, and human resources solutions and outsourcing (NYSE: AON), announced today the expanded availability of Aon Rent Protect across additional states in the U.S. The product is designed to reimburse landlords for lost income when tenants default on rent payments.
Traditional property and casualty insurance plans provide coverage for lost rent due to physical damage exposures such as fire or hurricane, but do not address the risk of tenant default.
“Rent default coverage has been sold overseas for years, but has not been available in the U.S. until now,” said Kevin Madden, managing director of the Real Estate practice at Aon Risk Solutions. “We
are excited to offer this crucial management solution to residential and multifamily property owners and managers.”
Initially launched in California, Colorado, D.C., Ohio and Pennsylvania, the product is now available in Arizona, Arkansas, Idaho, Michigan, Rhode Island, Tennessee, and Wisconsin. Coverage will soon be available in all 50 states.
“This is a game changer for anyone who owns or manages a residential rental property,” added Kevin Morman, senior vice president of program design and development at Aon Affinity. “When tenants default on the rent, it can take months for landlords to regain their property and seek out another tenant. Meanwhile, landlords must continue paying mortgage and additional expenses. Aon Rent Protect helps relieve this cash flow nightmare.”
Aon and QBE have tailored the product to address all sectors of the residential rental property market:
Individual Property Owners
· Aon Rent Protect provides rental income replacement for up to six months and assistance with legal expenses such as attorney fees to help with the eviction process
· Annual premiums start at $250 per rental unit
· Referral program is available for property management and real estate companies with landlord clients that would benefit from the new product
Large Property Investment Firms
· Aon Rent Protect helps manage financial balance sheet risks by allowing the firm to limit its total liability, ensuring rent default losses are mitigated and hedged. Available now across the U.S.
“No offering in the U.S. market currently provides adequate protection for landlords against tenants defaulting on their rents,” said East Coast Regional Vice President Joel Laventure at QBE the Americas. “This product will offer peace of mind to landlords, who are heavily reliant on consistent rent payments from their tenants to maintain their investment.”
Aon Risk Solutions, the global risk management business of Aon, provides Aon Rent Protect to large property investment firms, while Aon Affinity, the product sales, marketing and distribution business of Aon, will offer Aon Rent Protect to individual property owners.
Aon and QBE have provided tenant rent default insurance in Australia, the UK and New Zealand for the past 20 years.
For more information, please visit www.aonrentprotect.com/launch or call +1.888.722.2172.
Follow Aon on Twitter:
www.twitter.com/aoncorp
Follow Aon Rent Protect on Twitter:
www.twitter.com/aonrentprotect
Like Aon Rent Protect on Facebook: www.facebook.com/aonrentprotect
Join Aon Rent Protect on LinkedIn: www.aonrentprotect.com/linkedin
Sign up for News Alerts:
aon.mediaroom.com/index.php?s=58
About Aon
Aon Corporation (NYSE:AON) is the leading global provider of risk management, insurance and reinsurance brokerage, and human resources solutions and outsourcing services. Through its more than 61,000 colleagues worldwide, Aon unites to empower results for clients in over 120 countries via innovative and effective risk and people solutions and through industry-leading global resources and technical expertise. Aon has been named repeatedly as the world's best broker, best insurance intermediary, reinsurance intermediary, captives manager and best employee benefits consulting firm by multiple industry sources. Visit
www.aon.com for more information on Aon and
www.aon.com/manchesterunited to learn about Aon's global partnership and shirt sponsorship with Manchester United.
About QBE
QBE Insurance Group Limited is the underwriter for Aon Rent Protect. QBE has underwritten tenant rent default insurance for the last 20 years in markets outside the U.S. Founded in 1883,QBE is among the world’s oldest and most prestigious insurance companies. With operations in 49 countries and over 13,500 staff, QBE is among the top 25 insurers/reinsurers worldwide. QBE’s gross written premium was $13.6 billion in 2010 ($7.5 billion generated in the U.S.). As of September 2011, the QBE Group is rated ‘A’ (Excellent) by A.M. Best and ‘A+’ (Strong) by Standard and Poor’s.
Aon Rent Protect is the brand name for the brokerage and program administration operations of Affinity Insurance Services, Inc.; (AR 244489); in CA, MN & OK , AIS Affinity Insurance Agency, Inc. (CA 0795465); in CA, Aon Affinity Insurance Services, Inc. (0G94493); and in NY and NH, AIS Affinity Insurance Agency.
# # #
