NEW YORK, July 8, 2015 /PRNewswire/ -- XL Catlin and Financial Risk Solutions, Inc. have entered an exclusive underwriting agreement to offer Chill-Pro® contractual liability insurance coverage for Heating Ventilation and Air Conditioning (HVAC) contractors in the US. Chill-Pro® is a unique national insurance program that provides service agreement coverage for chiller, or large air conditioning units, that are installed and operate with a "Full Service Agreement" by HVAC contractors.
According to Brian Strain, head of XL Catlin's Equipment Breakdown business, "Chill-Pro® is the only product on the market today that helps HVAC contractors address the risks of service contracts while remaining competitive in their market."
When large commercial air conditioning units are installed at commercial facilities, HVAC contractors frequently offer customers service agreements to address any failures of the chiller equipment. Should a chiller unit breakdown, Chill-Pro® contractual liability insurance pays for the cost of parts and labor, or replacement, helping HVAC contractors cover their costs and get the chiller equipment up and running again for their clients.
"Having served the HVAC market for 35 years, we have the expertise to understand this business and the inherent risks and costs associated with service agreements," said James Wilson, president of Financial Risk Solutions, Inc. "We are very pleased to have XL Catlin partner with Chill-Pro® . XL Catlin's Equipment breakdown insurance team including underwriters, risk engineers and claims specialists have exceptional market reputations. Their collaboration and creativity has enabled Chill-Pro® to provide coverage that will help HVAC contractors thrive."
"A strong service agreement is a competitive advantage for HVAC contractors and so is teaming up with a specialized broker like FRS and insurer like XL Catlin," said Mr. Strain. "With FRS' expert guidance, this insurance coverage and our dedicated claims team, contractors can maintain that advantage by protecting their profit margins from the cost of equipment failures that they are financially obliged to fix. Adhering to these service agreements in a timely manner helps build and protect their market reputations as well."
Chill-Pro® is provided by XL Insurance America, Inc.
About Financial Risk Solutions, Inc.
Financial Risk Solutions, Inc. is an insurance broker that specializes in providing Heating Ventilation and Air Conditioning (HVAC) Contractors with the highest quality service contract and warranty insurance available. For chiller breakdown insurance, HVAC service contract coverage or extended warranty insurance, FRS' knowledgeable staff pinpoints optimal solutions for their project needs.
About 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.
SOURCE XL Catlin