NEW YORK, June 14, 2016 /PRNewswire/ -- XL Catlin's
North America Environmental
insurance business today introduced a new wholesale pollution and
professional insurance policy, especially designed to help US trade
contractors address their contractual obligations to provide
environmental liability and professional liability
protection. In addition to professional liability
coverage, the policy provides contractor's with coverage for their
pollution exposures at a jobsite, while transporting waste or
materials from their operations and from a claim arising from waste
or materials transported to a non-owned disposal site.
"Contractors of all sizes carry the risk of causing a pollution
incident. Unfortunately, they don't always carry the
appropriate insurance or policy limits to address such incidents,"
according to Matt O'Malley, President of XL Catlin's North America
Environmental insurance business. "While some contractors'
general liability insurance policies offer limited pollution
coverage, this new policy extends that coverage to realistically
address a pollution incident's clean-up potential. Contractors
increasingly see contractual requirements from their clients to
carry professional liability coverage. Professional exposures
for trade contractors can range from value engineering, field
changes to design and in some cases, subcontracted or in-house
design responsibilities."
"Insuring environmental risks requires considerable specialized
attention, knowledge and technical underwriting skill. It's hard to
replicate easily but it's not out of reach if wholesale brokers can
easily tap into the right resources," continued Mr. O'Malley. "With
our new wholesale contractor's pollution and professional policy,
we've made it easy for wholesalers to tap into our 30 years of
environmental underwriting and risk management expertise and
streamlined process to provide their contractor clients with
customized pollution and professional
insurance."
XL Catlin's new wholesale Contractors' Pollution and
Professional Legal Liability Policy provides protection to cover
the costs associated with an environmental clean-up, including such
pollutants as mold on an occurrence basis. Additionally,
a Renewal Certificate Endorsement is available to help provide a
streamlined underwriting process at renewal.
Available through XL Catlin's insurance companies and through
wholesale brokers only, the new policy is available with liability
limits up to $5 million. The
coverage is specifically designed for trade contractors doing
commercial work with revenues less than USD
50 million.
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 and
professional insurance products, finding new ways to address
business' environmental risks and delivering products and service
more efficiently than ever.
About the 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