Thursday, December 1, 2011

"Aon launches tenant rent default insurance in US"

Always remember that the guarantee is only as good as the guarantor.*
From Reactions:

Aon has teamed up with QBE Insurance to launch Aon Rent Protect, a new insurance product which will reimburse landlords for lost income when tenants default on rent payments.

“Rent default coverage has been sold overseas for years, but has not been available in the U.S. until now,” said Kevin Madden,...

*One of the stories we posted on September 16, 2008, a bad day that followed a very bad day, the 15th:
What We Were Posting on September 15, 2008

..The next day we found a bit of humor:
Lehman's U.K. Landlord Says AIG Insures Rent Payments (AIG; LEH)

That was not intended as schadenfreude, I was actually feeling for the risk manager who had done all the right things, insured the rent payment, gone to a triple A company only to have it turn into a joke:
Boss, I've got good news and bad news...
Well, the good news is Lehman's rent was insured
The bad news is, the insurer is AIG.
An amazing day.