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