June 9, 2017 by Staff
XL Catlin is expanding its services by extending its global property insurance capacity and introducing environmental insurance underwriting for small to mid-size construction firms in the U.S. and Canada.
The insurer’s global commercial property insurance capacity is being increased by 25% to US$500 million, which will be available on a quota share or layered basis to address more global and domestic property insurance needs. As well, capacity will be increased to US$1 billion for clients who purchase 100% of their property insurance through XL Catlin’s platinum property program.
“In the U.S. and Canada, increasing property values, more investment activity in industrial and commercial property, and added concern about natural catastrophe exposures are prompting our clients to seek more insurance protection. Our new limit allows us to readily address our clients’ requests for higher limits,” says Michele Sansone, president of XL Catlin’s North America property business, in a press release.
North American clients will also now have access to XL Catlin’s contractors pollution liability express program, which is available to construction firms with US$50 million or less in projected revenue. The policy provides comprehensive environmental coverage that specifically targets pollution liabilities associated with construction work.
“Coverage is afforded for pollution conditions created or exacerbated at the contractor’s job site, during the course of transportation, disposal of waste at a non-owned disposal site and as a result of a sudden and accidental pollution incident on their scheduled property. Standard coverage is afforded for legionella, mold, asbestos and lead based paint exposures at the job site,” says Cathy Cleary, XL Catlin’s executive environmental underwriter, in a press release.
Construction companies must apply to determine whether they’re eligible for the policy. If they are, they’re given a blanket contractors pollution legal liability quote . The policy is available either on a claims-made or occurrence basis for one year with liability limits up to US$5 million, in addition to enhancements like legal expense coverage, litigation and subpoena expense coverage, and disaster response expense coverage.
This story was originally published by Canadian Insurance Top Broker.