Jardine Lloyd Thompson Corporate Risks is to launch JLT Beyond, a new insurance policy that includes a money-back guarantee, and a new claims management system.

JLT Corporate Risks' partners in the venture are Chubb Insurance, Group AMA, and chartered loss adjuster Miller Pycraft. Each of the partners will be responsible for specific parts of the service.

The policy, which targets UK business of all sizes, includes a self-imposed penalty structure which can rise to £5,000 if a "charter of services is not met".

Included in the charter will be elements like a schedule for the delivery of policies and the register of insurance; a timetable for settlement cheques. Langton said: "These are the circumstances where we could pay out, but I don't expect to pay anything because we believe our service will meet the required standards."

Under the policy, if policyholders have a good claims record, they will also be able to reclaim some of their premium outlay.

Also, JLT and its partners plan to change the emphasis of claims so that when a claim arises, the customer cedes resolution of the claim to JLT and its adjuster partner, Miller Pycraft.

Mike Langton, managing director of JLT UK, said: "With our partnership everybody will act on behalf of each other, so that there is not the multiple repetition of work that often happens following a claim. However, the client will be able to settle in the more traditional manner if they believe that is appropriate."

Launching the policy, JLT cited National Audit Figures showing that 40% of organisations suffering major catastrophes go out of business, while 80% suffering a major fire never recover.

As well as the money-back offer and claims management service, JLT Beyond also:

n arranges for repair and replacement of assets damaged following a crisis without requiring the customer to complete a claims form

n offers access to a web site providing on-line claims forms

n provides a fixed premium for three years to enable businesses to carry out longer term planning and budgeting

n includes a risk management service and helps with business continuity planning.

JLT Beyond, which the broking firm has developed in conjunction with its policyholders, will be formally launched on November 21.