To help businesses in the US and Canada seamlessly address construction risks associated with their property expansion and renovation plans, XL Catlin has added a Course of Construction (COC) coverage option to its Platinum Property insurance program.
According to Michele Sansone, president of XL Catlin's North America property insurance business, "Many businesses seek consistency in their property risk management efforts by working with one insurer that has quality coverage and ample capacity to address all of their property insurance needs without coordinating between carriers in a layered program or across multiple lines. For our clients with big plans to expand or enhance their properties, we're excited to have tapped into our North America Construction insurance team's expertise to help provide added builder's risk protection as part of our Platinum Property program."
"One spark from a welding gun could turn a property expansion project into a pile of ash," said Ms. Sansone. "While many businesses turn to standalone Builder's Risk to address their construction risks, this endorsement offers our property clients another option delivered by a dedicated construction risk team."
According to Joe Vierling, profit center head of XL Catlin's Construction Property business, "Working in coordination with our Property team, we are able to offer comprehensive COC coverage that can help our clients seamlessly address construction risks not typically protected under standard property coverage or other COC endorsements currently available on the market today.
"There are two big advantages to this endorsement," he added. "First, it extends protection to the life of the project -- up to a three year term -- even if the annual property coverage is not renewed. Plus, it protects all contractors and subcontractors as additional named insureds, eliminating the possibility of coverage conflicts or subrogation issues that can derail their construction projects or expansion plans."
The Platinum Property Policy provides up to $1 billion in property capacity to businesses who buy 100% of their property coverage from XL Catlin. XL Catlin's new Platinum Property endorsement adds a Master Builders Risk Coverage option to address a client's construction/renovation plans in its portfolio of insured property. Builder's Risk insurance, also known as COC insurance, covers buildings or projects under construction against the costs of repair or replacements, protecting property owners and contractors from the devastating and costly impact of fires, floods, vandalism, theft, and other unwelcome accidents to a construction project.
To help clients address potential coverage gaps, XL Catlin's North America Property business also recently made available a terrorism and political violence insurance option given heightened concerns about potential terrorism or political violence risks.
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 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.