NEW YORK, July 8, 2015 /PRNewswire/ -- XL Catlin and
Financial Risk Solutions, Inc. have entered an exclusive
underwriting agreement to offer Chill-Pro® contractual
liability insurance coverage for Heating Ventilation and Air
Conditioning (HVAC) contractors in the US. Chill-Pro®
is a unique national insurance program that provides service
agreement coverage for chiller, or large air conditioning units,
that are installed and operate with a "Full Service Agreement" by
HVAC contractors.
According to Brian Strain, head
of XL Catlin's Equipment Breakdown business, "Chill-Pro® is
the only product on the market today that helps HVAC contractors
address the risks of service contracts while remaining competitive
in their market."
When large commercial air conditioning units are installed at
commercial facilities, HVAC contractors frequently offer customers
service agreements to address any failures of the chiller
equipment. Should a chiller unit breakdown,
Chill-Pro® contractual liability insurance
pays for the cost of parts and labor, or replacement, helping HVAC
contractors cover their costs and get the chiller equipment up and
running again for their clients.
"Having served the HVAC market for 35 years, we have the
expertise to understand this business and the inherent risks and
costs associated with service agreements," said James Wilson, president of Financial Risk
Solutions, Inc. "We are very pleased to have XL Catlin
partner with Chill-Pro® . XL Catlin's
Equipment breakdown insurance team including underwriters, risk
engineers and claims specialists have exceptional market
reputations. Their collaboration and creativity has enabled
Chill-Pro® to provide coverage that will help HVAC
contractors thrive."
"A strong service agreement is a competitive advantage for HVAC
contractors and so is teaming up with a specialized broker like FRS
and insurer like XL Catlin," said Mr. Strain. "With FRS'
expert guidance, this insurance coverage and our dedicated claims
team, contractors can maintain that advantage by protecting their
profit margins from the cost of equipment failures that they are
financially obliged to fix. Adhering to these service
agreements in a timely manner helps build and protect their market
reputations as well."
Chill-Pro® is provided
by XL Insurance America, Inc.
About Financial Risk Solutions, Inc.
Financial Risk Solutions, Inc. is an insurance broker that
specializes in providing Heating Ventilation and Air Conditioning
(HVAC) Contractors with the highest quality service contract and
warranty insurance available. For chiller breakdown insurance, HVAC
service contract coverage or extended warranty insurance, FRS'
knowledgeable staff pinpoints optimal solutions for their project
needs.
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