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Member, Beacon International Group, Ltd.
Aon Risk Solutions, a subsidiary of Aon P.L.C., has enhanced its Bermuda Shorts excess liability follow form policy, answering the demand for greater contract certainty and consistency of coverage.
The new form of Bermuda Shorts incorporates several important coverage enhancements designed to respond to client demands, the insurer said in a statement Wednesday.
The enhancements include duty-to-defend coverage, which provides insured clients with a defense to claims made under a policy; shaving of limits/erosion of underlying, which recognizes underlying erosion by payment of covered loss by the insurer or the insured; and business continuity, which provides for an automatic 30-day policy extension in the event of a natural disaster, according to the statement.
“The enhanced form will improve coverage for our insureds, remove cumbersome steps from the process of securing coverage and deliver the contract certainty needed during the claims process,” Anthony DeFelice, managing director of Aon Risk Solutions’ U.S. casualty major accounts practice, said in the statement.
Aon also plans to launch a London Shorts form that will incorporate many of the benefits included in the enhanced Bermuda Shorts form, the insurer said in the statement.