EXTON, Pennsylvania, June 2, 2011 /PRNewswire/ -- XL Insurance, the global underwriting operations of XL Group (NYSE: XL), today announced new Contractor's Protective Indemnity (CPI) coverage for the construction industry. This new coverage provides an additional layer of insurance protection to contractors working on design/build projects when their architect/engineer's limits are inadequate or eroded.
"Often it is in everyone's best interest to fix a problem before it results in a third party claim. Therefore, when there is an allegation of a significant mistake on a design build project, our CPI coverage provides the contractor with first party insurance protection, saving time, profit, and reputational risk for all involved parties," explained Laura Wagner, XL Insurance's Environmental Construction Practice Leader. "Reputation and protection of profit are critical to contractors. We believe that this new coverage rounds out our current breadth of pollution and professional liability coverage for mid-sized contractors."
"This enhanced product is delivered with a full complement of claim attorneys, claim consultants, risk control consultants and underwriters to provide a comprehensive and integrated solution for contractors," added Ms. Wagner.
According to Rich Corbett, President of XL Insurance's Environmental Unit, "XL Insurance's environmental group continues a 25-year tradition of offering expertise and service to the construction industry. With the recent launch of XL Insurance's North America Construction unit, XL continues to enhance and expand our underwriting, risk consulting and claims capabilities specifically to serve the constantly changing risk management needs of the construction industry."
XL Insurance's Professional and Pollution Liability policies are underwritten by XL's Indian Harbor Insurance Company and Greenwich Insurance Company in the US and XL Insurance Company Limited in Canada.
About XL Insurance
XL Insurance is the global brand used by XL Group plc's insurance companies and underwriting divisions offering property, casualty, professional and specialty insurance products throughout the world. More information about XL Insurance is available at www.xlinsurance.com.
XL was formed in 1986 in response to the unmet risk management needs of 68 of the world's largest companies. This year, as XL celebrates its 25th anniversary, it remains the company clients look to for innovative insurance and reinsurance solutions for their most complex risks. XL Group plc, 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 on a worldwide basis. Its principal offices are located at No. 1 Hatch Street Upper, 4th Floor, Dublin 2, Ireland. More information about XL Group plc is available at www.xlgroup.com
SOURCE XL Insurance