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.
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SOURCE XL Catlin