NEW YORK, Aug. 8, 2017 /PRNewswire/ -- XL Catlin's North America Construction business has unveiled a new General Liability (GL) only wrap-up product – called GL Only Plus -- to offer more flexibility to large contractors and select Owners that desire more control and cost savings over their GL coverage on large projects.
According to Michael Simone, Vice President, Underwriting Manager in XL Catlin's North America Construction Primary Casualty Profit Center, "Wrap- ups, also known as Controlled Insurance Programs (CIPs), can help contractors or project owners take control of critical elements of a project's risk while offering the opportunity to gain consistent coverage, reduce insurance costs and consolidate the claims management process for multiple contractors on a project. Our GL Only Plus product is another enhanced option for those CIP Sponsors."
"While our GL Only Plus is not for every contractor or owner, this alternative gives our clients the opportunity to reap the benefits of the XL Catlin platform by taking advantage of our full breadth of services from claims management to risk engineering and also gaining access to our full complement of other products like, Builders Risk, Project Specific Professional Liability, Project Specific Pollution Liability and Excess Liability," said Mr. Simone. "Our GL only Plus program is exclusively designed for large construction projects that typically range between USD 250 million-5 billion in Construction Value."
Mr. Simone also added: "Currently, the insurance market offers this option on a non-admitted basis through wholesale access only. We're pleased to offer our GL Only Plus product on an admitted basis to qualified Sponsors via a Retail Distribution Network."
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