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.
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SOURCE XL Catlin