FM Global, one of the world’s largest commercial real estate insurers, has an estimated total of $ 600 million in membership when eligible policyholders renew their policies between January 1st and December 31st, 2022. Announced that it will receive credit.
Over the past 12 months, FM Global’s clients have completed more than 50,000 engineering-led risk improvement recommendations, resulting in a reduction in loss exposure of approximately $ 700 million, the company said.
“Despite the world facing increasing risk and the ongoing challenges of the COVID-19 pandemic, policyholders’ aggressive approach to improving real estate risk contributes to resilience and the ability to mitigate losses. “We continue to do so,” said Thomas A. Lawson, Chairman and CEO. FM Global. “As a mutual insurer, membership credit is one way to recognize client owners who have made strategic decisions to choose resilience.”
According to FM Global, policyholders eligible for membership credits will be applied as an offset against premiums on renewal or anniversary based on premiums and tenure. Some clients have been FM Global policyholders since the late 1800s.
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FM Global Client with the following policies:
- Less than 5 years are eligible for 5% credit
- For 5 consecutive years and less than 20 years, 10% credit will be applied.
- Eligible for 15% credit for at least 20 consecutive years
An overview of the 2022 membership credit plan, including eligibility, timing, and computational basis, is available on FM Global’s website.