EXTON, Pennsylvania, June 11, 2018 /PRNewswire/ -- The North American Environmental Unit of XL Catlin has updated its Professional and Pollution insurance for contractors and environmental consultants, adding more comprehensive protection to help protect clients take advantage of the business opportunities in the growing construction and environmental services industries.
According to Matt O'Malley, president of XL Catlin's North American Environmental insurance business, "Despite talk of less environmental regulation and oversight, many companies are still taking an active stance on their environmental risk management efforts and often relying on a growing environmental services market to help. According to one recent report, the US Environmental Services Market alone was a $388 billion industry in 2017, and is expected to grow almost five percent to $407 billion in 2018."
"To help our contractor and consultant clients take advantage of growth opportunities, we've made our coverage more inclusive, addressing more of the professional and pollution risks our clients are facing day-to-day, in one policy form. Previously, we could build a strong insurance program addressing specific risks by endorsement. Now though, we've incorporated these coverages into our policy form to help streamline the underwriting process and be able to offer our clients more comprehensive coverage from the start," said Mr. O'Malley.
Among the new additions to XL Catlin's Professional and Pollution insurance for contractors and environmental consultants are:
- Green Building Materials Expense for use of green building materials in the restoration of property damaged as a result of a pollution condition.
- Rectification Expense to correct actual damages or prevent potential damages resulting from negligent acts, errors or omission in covered professional services in an effort to correct issues in real time that may arise on a project. This helps avoid or reduce third-party claims and costly litigation.
- Protective Loss coverage that provides indemnity for protective loss, in excess of the design professional's (DP) insurance, resulting from a negligent act, error or omission in DP services. Gives additional protection to our Insured when their subcontracted DP limits of liability are inadequate or eroded
- Protective Loss/Pollution Protective Loss Bankruptcy Litigation Expense indemnity for fees and expenses incurred by our Insured for their retaining of bankruptcy counsel in the making of a Protective Claim or a Pollution Protective Claim against a DP or subcontractor
XL Catlin's Environmental team also offers its environmental insurance clients renowned claim services with a nationwide claims hotline ONCALL available 24/7 to assist in controlling emergencies, minimizing costs and reducing liability through quick containment and investigation. The team prides itself on delivering specialized claims handling with cost effective solutions for litigation and remediation issues to minimize the overall financial risk associated with an incident. Clients can expect timely and fair resolution of claims through our in-house environmental attorneys and technical experts.
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