Posted on 07 Jun 11
XL Insurance, the global underwriting operations of XL Group, launched a 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.