NEW YORK, Feb. 13, 2012 /PRNewswire/ -- To protect
contractor's valuable assets, the Marine Insurance unit of XL Group
plc ("XL") (NYSE: XL) unveiled Contractor's Equipment Coverage
Solutions, a comprehensive portfolio of coverages designed for the
protection of general building, infrastructure and specialty
contractors' equipment.
Rich DeSimone, President of XL's
North America Ocean and Inland
Marine underwriting unit, said, "Whether it's a backhoe or
computer, contractors rely on diverse equipment to support their
business and see their projects to completion. Our new Contractor's
Equipment policy provides broad coverage, and is supported by XL's
experienced and industry-specific Inland Marine underwriting and
claims experts. We deliver much more than a paper policy."
Contractor's Equipment Coverage Solutions has few
exclusions and is extremely versatile with adjustable limits,
valuation and coinsurance options. The flexibility allows tailored
solutions for contractors of any size or type of operation. The
product affords many additional coverages that distinguishes it
from the rest of the market. Additionally, extensions such as
contract penalty and rental expense coverage provide peace of mind
to both brokers and insureds. Other unique features include:
- Escalation Clause for total losses designed to provide coverage
for attachments and betterments and improvements to the
equipment
- Voluntary Parting
- Reimbursement for returning Stolen Property
- Unintentional Errors and Omissions
- Transporting Property of Others
Another key feature is coverage for property that supports a
business such as computers, data and media, valuable papers and
records, tenant's betterments and improvements, office furniture
and supplies and other Business Personal Property. For
contractors that do not have real property to insure, the XL
Contractor's Equipment Coverage Solutions product eliminates the
need for the contractor to purchase a separate property policy.
The Contractor's Equipment Coverage Solutions is offered
on a primary or excess basis, admitted or non-admitted basis, 100%
interest or participant on a quota share basis.
About XL's Insurance Segment
The Insurance segment of XL Group plc offers property, casualty,
professional and specialty insurance products globally. Businesses
that are moving the world forward choose XL as their partner. To
learn more, visit www.xlgroup.com/insurance
About XL Group plc
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 throughout the world. XL
is the company clients look to for answers to their most complex
risks and to help move their world forward. Its principal offices
are located at No.1 Hatch Street Upper, 4th Floor, Dublin 2, Ireland. To learn more, visit
www.xlgroup.com
SOURCE XL Group plc