HARTFORD, Conn., Jan. 21, 2015 /PRNewswire/ -- To provide brokers
and clients in the US and Canada
with a streamlined solution to buy an additional layer of
professional liability insurance protection, XL Group has
developed a new Excess "follow form" insurance policy.
According to Kelly Lyles, Chief
Executive of XL Group's Global Professional team, "Given potential
defense costs and the increasing severity of court settlements and
judgments, primary insurance limits can be quickly exhausted.
Having a strong layer of excess protection is important in this
business environment. Our Professional Liability team has a solid
reputation as one of the most knowledgeable and skilled
underwriting and claims teams in the industry. When a
business is turning to its excess insurance coverage, having this
caliber of experience is equally important."
"Working closely with our clients and brokers and listening to
their suggestions, we have simplified the process of placing excess
coverage by providing a clean, one-page, true 'follow form'
policy," said Gregory McCoy,
Assistant Vice President of Underwriting in XL Group's Professional
business. "With this new true follow form, we are simplifying
the underwriting process, but, also helping to eliminate potential
conflicts and coverage gaps that can complicate claims."
XL Group's new one-page Excess form provides up to $50 million of additional liability limits over
XL Group or other insurance carriers' primary professional
liability insurance coverages which may include Directors and
Officers, Errors and Omissions, Fiduciary, Fidelity and Employment
Practices Liability insurance. Excess coverage extends
protection for claims that exceed underlying professional liability
coverage limits and follows their terms and conditions.
Through XL Group's insurance companies, XL Group's Professional
business provides professional liability insurance for directors
and officers, financial institutions, architects, engineers and
other businesses and service professionals, as well as other
professional liability coverages including cyber and technology,
commercial crime and fraud, and employment practices liability
insurance.
About XL Group plc's Insurance Operations
XL Group plc's insurance companies offer property, casualty,
professional and specialty insurance products globally. Businesses
that are moving the world forward choose XL as their partner. To
learn more, visit xlgroup.com/insurance
About XL Group plc
XL Group plc (NYSE: XL), through its subsidiaries, is a global
insurance and reinsurance company providing property, casualty and
specialty products to industrial, commercial and professional
firms, insurance companies and other enterprises throughout the
world. XL is the company clients look to for answers to
their most complex risks and to help move their world forward. To
learn more, visit xlgroup.com
XL Group is the global brand used by XL Group plc's insurance
and reinsurance subsidiaries.
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SOURCE XL Group