From Nuisance to Bottom Line Pest, Bed Bugs No Match for New Products From Aon, GEP and Terminix
Solution introduced for hotels, landlords, student housing, businesses and leisure travelers
Press Release Source: Aon Corporation On Monday June 13, 2011, 9:00 am
CHICAGO, June 13, 2011 /PRNewswire/ — According to a survey released earlier this year by the National Pest Management Association, one out of five Americans has had a bed bug infestation in their home or knows someone who has encountered bed bugs at home or in a hotel. In response to the growing bed bug epidemic, Aon Risk Solutions, the global risk management business of Aon Corporation (NYSE:AON - News), announced today its strategic alignment with Global Excess Partners, an innovator in the insurance specialty products business, and Terminix, the national leader in pest control services, 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:
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." Whether a full-service hotel with three or more stars, an apartment building or co-op, an educational institution with student boarding facilities, a corporation with employees who travel for business or a family or individual planning a trip, there is an Aon insurance product that provides a comprehensive risk solution. Programs for additional industries are being explored.
Aon Corporation (NYSE:AON - News) is the leading global provider of risk management services, insurance and reinsurance brokerage, and human resources solutions and outsourcing. Through its more than 59,000 colleagues worldwide, Aon unites to deliver distinctive client value via innovative and effective risk management and workforce productivity solutions. Aon's industry-leading global resources and technical expertise are delivered locally in over 120 countries. Named the world's best broker by Euromoney magazine's 2008, 2009 and 2010 Insurance Survey, Aon also ranked highest on Business Insurance's listing of the world's insurance brokers based on commercial retail, wholesale, reinsurance and personal lines brokerage revenues in 2008 and 2009. A.M. Best deemed Aon the number one insurance broker based on revenues in 2007, 2008 and 2009, and Aon was voted best insurance intermediary 2007-2010, best reinsurance intermediary 2006-2010, best captives manager 2009-2010, and best employee benefits consulting firm 2007-2009 by the readers of Business Insurance. Visit www.aon.com for more information on Aon and http://www.aon.com/manchesterunited to learn about Aon's global partnership and shirt sponsorship with Manchester United.
About Global Excess Partners
Global Excess Partners/GEP II LLC is a Managing General Agent with full binding authority on behalf of certain International and domestic insurance markets. Founded in 1997 in New York, the company specializes in providing unique and exclusive capacity in commercial property insurance for a wide array of clients from Fortune 1000 multi-nationals to smaller single- location business owners. It is also a major market for the transportation and construction industries. It has offices in New York, New Jersey and San Francisco.
Terminix, a division of the ServiceMaster Company, is the nation's largest pest control provider. Headquartered in Memphis, Tenn., Terminix services more than 3 million customers in 46 states and 14 countries. Terminix provides pest control services and protection against termites, rodents and other pests threatening human health and/or safety. To learn more about Terminix, visit their Web site at www.Terminix.com. With a network of more than 5,000 company-owned and franchise locations, Memphis-based ServiceMaster is one of the world's largest residential and commercial service networks. The company's high profile brands are TruGreen, Terminix, American Home Shield, ServiceMaster Clean, Merry Maids, Furniture Medic and AmeriSpec. Through approximately 29,000 corporate employees and a franchise network that independently employs over 31,000 additional people, the ServiceMaster family of brands serve more than 8.2 million customers every year and hold market-leading positions in residential and commercial lawn, tree and shrub care, termite and pest control, home service contracts, furniture repair, home inspections, residential and commercial cleaning and disaster restoration.