NEW YORK, May 25, 2016 /PRNewswire/ -- XL Catlin's
Environmental insurance business has added new protection to its
Contractor's Professional and Pollution Legal Liability insurance
to help contractors and environmental consultants protect
themselves from costly mistakes.
According to Matt O'Malley, President of XL Catlin's
Environmental insurance business, "Contractors of all sizes and
types face professional liability exposures, ranging from value
engineering, field changes to design, vicarious liability from
subcontracted design and self-performed design work. When they err
in providing these services, they need the financial wherewithal to
rectify mistakes and keep the project moving along. This new
coverage helps our clients absorb the costs of fixing an issue or
mistake before it becomes a bigger, more costly issue."
Standard professional liability coverage addresses third party
claims related to an error and omission. XL Catlin's
new Rectification Expense coverage provides first party insurance
coverage to address the costs to correct an error or omission in an
insured's professional services, whether rendered by the contractor
or on their behalf.
According to Catherine Cleary, XL
Catlin's Executive Underwriter in Environmental, "Addressing errors
before a third party claim is made may reduce the overall costs and
expenses associated with an error, preserve more of the
contractor's policy limits, help get the project to a timely
completion and preserve the contractor's relationships and
reputation with clients and other contractors."
Available in the US and Canada,
Contractor's Professional and Pollution Legal Liability insurance
offers liability limits up to USD 50
million for pollution coverage and USD 25 million for professional liability
coverage. The policy is available on an admitted or non-admitted
basis through XL Catlin's insurance companies, Greenwich Insurance
Company and Indian Harbor Insurance Company in the US. In
Canada, the policy is available on
a licensed basis through XL Specialty Insurance Company – Canadian
branch.
XL Catlin's Environmental insurance business helped build
today's environmental insurance market. Nearly three decades later,
the team is still making strides, developing new pollution
insurance products, finding new ways to address business'
environmental risks and delivering products and service more
efficiently than ever.
About XL Catlin Insurance Operations
The XL Catlin insurance companies offer property, casualty,
professional, financial lines and specialty insurance products
globally. Businesses that are moving the world forward choose XL
Catlin as their partner. To learn more,
visit xlcatlin.com.
About XL Catlin
XL Catlin is the global brand used by XL Group
plc's (NYSE:XL) insurance and reinsurance companies which
provide property, casualty, professional and specialty products to
industrial, commercial and professional firms, insurance companies
and other enterprises throughout the world. Clients look to
XL Catlin for answers to their most complex risks and to help move
their world forward. To learn more, visit xlcatlin.com.
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SOURCE XL Catlin