The North America Construction business of
XL Catlin has announced the launch of a new general liability wrap-up product.
The GL Only Plus program will “offer more flexibility to large contractors and select owners that desire more control and cost savings over their GL (general liability) coverage on large projects.”
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“Wrap- ups, also known as Controlled Insurance Programs (CIPs), can help contractors or project owners take control of critical elements of a project’s risk while offering the opportunity to gain consistent coverage, reduce insurance costs and consolidate the claims management process for multiple contractors on a project,” said XL Catlin North America Construction Primary Casualty Profit Center vice-president, underwriting manager Michael Simone. “Our GL Only Plus product is another enhanced option for those CIP Sponsors.”
“While our GL Only Plus is not for every contractor or owner, this alternative gives our clients the opportunity to reap the benefits of the XL Catlin platform by taking advantage of our full breadth of services from claims management to risk engineering and also gaining access to our full complement of other products like, Builders Risk, Project Specific Professional Liability, Project Specific Pollution Liability and Excess Liability,” Simone added. “Our GL only Plus program is exclusively designed for large construction projects that typically range between USD 250 million-5 billion in construction value.”
“Currently, the insurance market offers this option on a non-admitted basis through wholesale access only. We’re pleased to offer our GL Only Plus product on an admitted basis to qualified sponsors via a retail distribution network.”
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