NEW YORK, June 14, 2018 /PRNewswire/ -- To help contractors better qualify their subcontractor partners, XL Catlin's North America Construction insurance business has teamed up with construction tech start up, TradeTapp, to provide Subcontractor Default Insurance (SDI) clients with access to the platform to make informed subcontractor hiring decisions.
TradeTapp's platform assists general contractors in assessing the companies they hire as subcontractors by using an algorithm designed to identify risks based on industry data. The platform compiles subcontractor data into detailed, comprehensive profiles that include financial benchmarking, ratio calculations, and maximum exposure recommendations.
According to Jason LaMonica, profit center head, Subcontractor Default Insurance business of XL Catlin's North America Construction team, "Giving our SDI clients access to this platform will help them make informed, data-based subcontractor selections, and avoid the hefty financial losses and reputational damage that can occur when a subcontractor defaults and is unable to finish contracted work. Teaming up with TradeTapp allows us to give our clients' risk management efforts a boost as well as our own."
According to Justin Levine, founder of TradeTapp, "Subcontractor selection is a largely a broken process in construction. Too many decisions are made without proper visibility into what's happening downstream because contractors aren't able to leverage industry data, particularly within the region they're operating in. Our platform is designed to both identify risk as well as provide a roadmap to the specific controls that can we put into place to help mitigate these concerns. We're excited to partner with an industry leader like XL Catlin in helping their clients use data to inform their decision making."
XL Catlin's North America Construction insurance business includes dedicated construction underwriters providing primary and excess casualty, professional liability, builders risk, wrap ups, subcontractor default, and pollution insurance, accompanied by risk engineering services to help clients' loss prevention and safety efforts and construction claims expertise.
About XL Catlin's 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 (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