NEW YORK, June 14, 2018 /PRNewswire/ -- To help
contractors better qualify their subcontractor partners, XL
Catlin's North America
Construction insurance business has teamed up with construction
tech start up, TradeTapp, to provide Subcontractor Default
Insurance (SDI) clients with access to the platform to make
informed subcontractor hiring decisions.
TradeTapp's platform assists general contractors in assessing
the companies they hire as subcontractors by using an algorithm
designed to identify risks based on industry data. The
platform compiles subcontractor data into detailed, comprehensive
profiles that include financial benchmarking, ratio calculations,
and maximum exposure recommendations.
According to Jason LaMonica,
profit center head, Subcontractor Default Insurance business of XL
Catlin's North America Construction team, "Giving our SDI clients
access to this platform will help them make informed, data-based
subcontractor selections, and avoid the hefty financial losses and
reputational damage that can occur when a subcontractor defaults
and is unable to finish contracted work. Teaming up with TradeTapp
allows us to give our clients' risk management efforts a boost as
well as our own."
According to Justin Levine,
founder of TradeTapp, "Subcontractor selection is a largely a
broken process in construction. Too many decisions are made without
proper visibility into what's happening downstream because
contractors aren't able to leverage industry data, particularly
within the region they're operating in. Our platform is designed to
both identify risk as well as provide a roadmap to the specific
controls that can we put into place to help mitigate these
concerns. We're excited to partner with an industry leader like XL
Catlin in helping their clients use data to inform their decision
making."
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.
About TradeTapp
TradeTapp is a web-based platform whose focus is on using
technology and financial analysis to help the construction
management industry take smarter risks. To learn more, visit
tradetapp.com.
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SOURCE XL Catlin