XL Catlin has increased its builder's risk insurance capacity to US$1 billion, from its previous capacity of US$250 million.
According to Joe Vierling, senior vice president of XL Catlin's 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 said in a statement that its 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, the company said. In addition to property damage, the policy can be endorsed to provide coverage for the project's future earnings by including delay in start-up coverage, XL Catlin noted.
According to Gary Kaplan, the 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.”
Learn more: xlcatlin.com.
Victoria Spears
Victoria Prussen Spears is senior vice president of Meyerowitz Communications Inc., a law firm marketing communications consulting company. A graduate of Sarah Lawrence College and Brooklyn Law School, Ms. Spears was an attorney at a leading New York City law firm before joining Meyerowitz Communications. She may be contacted at [email protected].