To allow brokers to quote and bind more new and renewal business with higher limits of indemnity, CNA Hardy has increased the maximum attachment point capability from its online excess of loss platform.
The attachment points have been raised from £25 million to £150 million.
“Our excess liability scheme continues to grow and, post-pandemic, we are starting to see a change in risks being presented, particularly in relation to construction and contractors,” said CNA Hardy excess liability portfolio lead Lauren Bates (pictured).
“Projects that were halted due to the pandemic are now receiving the investment needed to commence and so there has been an increase in construction risks presented – both on an annual basis and for single contracts.”
The CNA Online platform allows brokers to access CNA Hardy’s specialist excess of loss cover in the UK, with capability for new business, renewal, and mid-term adjustments. It also enables brokers to quote and bind cover in under two minutes, a release said, as well as update and re-quote instantly as needed. The platform also helps connect brokers with CNA Hardy’s expert underwriters.
“Excess Liability is often seen as being needed in the event of an injury loss, however, claims costs for third party property damage are on the rise as supply issues impacting the construction industry are pushing the cost of materials up,” explained Bates.
Bates also noted that indemnity limit continues to be a “key consideration” for construction clients, particularly those utilising heat at third-party locations. This is why CNA Hardy increased its limits, the portfolio lead stated, to give clients greater reassurance.
