HARTFORD, Conn., Jan. 21, 2015 /PRNewswire/ -- To provide brokers and clients in the US and Canada with a streamlined solution to buy an additional layer of professional liability insurance protection, XL Group has developed a new Excess "follow form" insurance policy.
According to Kelly Lyles, Chief Executive of XL Group's Global Professional team, "Given potential defense costs and the increasing severity of court settlements and judgments, primary insurance limits can be quickly exhausted. Having a strong layer of excess protection is important in this business environment. Our Professional Liability team has a solid reputation as one of the most knowledgeable and skilled underwriting and claims teams in the industry. When a business is turning to its excess insurance coverage, having this caliber of experience is equally important."
"Working closely with our clients and brokers and listening to their suggestions, we have simplified the process of placing excess coverage by providing a clean, one-page, true 'follow form' policy," said Gregory McCoy, Assistant Vice President of Underwriting in XL Group's Professional business. "With this new true follow form, we are simplifying the underwriting process, but, also helping to eliminate potential conflicts and coverage gaps that can complicate claims."
XL Group's new one-page Excess form provides up to $50 million of additional liability limits over XL Group or other insurance carriers' primary professional liability insurance coverages which may include Directors and Officers, Errors and Omissions, Fiduciary, Fidelity and Employment Practices Liability insurance. Excess coverage extends protection for claims that exceed underlying professional liability coverage limits and follows their terms and conditions.
Through XL Group's insurance companies, XL Group's Professional business provides professional liability insurance for directors and officers, financial institutions, architects, engineers and other businesses and service professionals, as well as other professional liability coverages including cyber and technology, commercial crime and fraud, and employment practices liability insurance.
About XL Group plc's Insurance Operations
XL Group plc's insurance companies offer property, casualty, professional and specialty insurance products globally. Businesses that are moving the world forward choose XL as their partner. To learn more, visit xlgroup.com/insurance
About XL Group plc
XL Group plc (NYSE: XL), through its subsidiaries, is a global insurance and reinsurance company providing property, casualty and specialty products to industrial, commercial and professional firms, insurance companies and other enterprises throughout the world. XL is the company clients look to for answers to their most complex risks and to help move their world forward. To learn more, visit xlgroup.com
XL Group is the global brand used by XL Group plc's insurance and reinsurance subsidiaries.
SOURCE XL Group