The product was launched last week at the Terra Nova All-Suite Hotel in St Andrew.

Senior Underwriting Manager, Harold Wong, explains that the new product - Agreed Advantage - insures the policyholder's motor vehicle for a value agreed between the insurer and the insured. The sum represents the amount that will be paid by the company for total loss in the event of an accident.

Faster settlement of claims

In order to qualify for the policy, however, motor vehicles cannot be more than seven years old and must have a value of $1.5 million or more. The policy is available only to private owners and owners of private commercial vehicles.

"With Agreed Advantage, there will be faster settlement of claims; no adjustment for depreciation and vehicle value remains unchanged for one year," Wong says.

The launch of the new product is part of Advantage General's rebuilding to reconnect with the market. Vice-president of Channel Management at Advantage General, Ruth Cummings, says in these tough economic times companies need to be innovative.

"We take this seriously, particularly in these harsh economic times when everyone is looking for a deal. We feel it is our duty to provide value," she says.