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Lexington Introduces Lex FollowUP, Legacy Liability Risks Coverage for the Construction Industry

Source: Chartis


Posted on 17 Feb 2010

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Lexington Insurance Company, a Chartis company, today announced the introduction of Lex FollowUP, a policy designed for the construction industry to assume the legacy financial risk associated with general liability self-insured retentions.

Lex FollowUP provides coverage for a policyholder's self-insured retention (SIR) for incurred but not reported claims that may arise under certain scheduled insurance policies. Lexington has created a reverse follow form policy that follows the terms and conditions of those policies. Additionally, Lex FollowUP can be designed to cover loss portfolio transfers for known losses within the SIR of such policies. Lex FollowUP may be applied to up to 10 years of prior policies, as well as a mix of annual "practice" policies and project-specific policies, including wrap-up policies.

“Recent economic conditions have put added pressure on construction firms and owner/developers to manage legacy liability as part of their overall insurance budget. They desire options to close out or reduce legacy liability risks that could negatively affect their cash flow today,” said Thomas Grandmaison, Senior Vice President of Lexington Insurance Company. “Lex FollowUP provides policyholders an option for financial certainty regarding those legacy exposures.”

Lex FollowUP is available to contractors or developers/owners in the commercial or residential arena. It can be written in conjunction with Lexington policies, policies written by affiliated Chartis insurers, or other financially strong carriers. For more information regarding Lex FollowUP, contact Tom Grandmaison, Senior Vice President of Lexington Insurance Company, at 617-345-4130 or thomas.grandmaison@chartisinsurance.com. You can also visit www.lexingtoninsurance.com.


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