NEW YORK, March 8, 2017 /PRNewswire/ -- To offer
construction firms in North
America a one carrier property insurance solution on
high-value commercial real estate projects, XL Catlin has increased
its Builder's Risk insurance capacity to USD
one billion, from its previous USD
250 million.
According to Joe Vierling, Senior
Vice President, XL Catlin North America Construction Property
insurance business, "There has been an increased demand for a
single carrier builders risk solution for Hospital, Educational and
Commercial Real Estate clients for larger valued projects.
With this enhanced capacity, XL Catlin is in the unique position to
provide a non-syndicated property policy as part of an all lines
insurance solution to our insureds."
XL Catlin's enhanced capacity is available for both owners and
contractors and will allow XL Catlin insurance companies to provide
life cycle property coverage by providing insurance during both the
construction of a project and during the operational phase once the
construction is complete. Coverage will be available on
the XL Catlin insurance companies' Completed Builders Risk
Property form which provides coverage for the term of the project
and includes coverage for Owners, General Contractors and
Subcontractors. In addition to property damage the policy can
be endorsed to provide coverage for the projects future earnings by
including Delay in Start-up coverage.
According to Gary Kaplan, President of XL Catlin's North America
Construction insurance business, "We've successfully partnered with
our customers in the construction industry by providing Primary
Casualty, Excess Casualty, Professional/Pollution, Subcontractor
Default Insurance and Property covers on a variety of large,
complex projects through a single line of business. This enhanced
capacity strengthens our ability to meet client needs for a single
carrier property program for their high valued construction
projects. Our unique structure allows for more efficient policy
administration and claims handling, eliminating the need for
multiple carriers to agree to policy changes or claims
payments."
XL Catlin's Construction Property insurance business is part of
the North America Construction insurance unit which is dedicated to
serving the construction industry's unique risk management needs.
XL Catlin's North America Construction insurance business quickly
responds to provide the construction industry with the insurance
and risk engineering services needed to protect projects and
maintain profitability. XL Catlin has successfully assembled top
industry leadership and talent across our five core business units:
Property, Primary Casualty, Professional/Pollution, Subcontractor
Default (SDI) and Excess Casualty, who leverage their skills to
meet the unique risk needs of construction
contractors.
About XL Catlin Insurance Operations
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 Ltd.'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