XL Catlin adding course of construction cover to property program
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XL Group Ltd., which does business as XL Catlin, said Wednesday it has added a course of construction coverage option to its platinum property insurance program.
The course of construction option is intended to help businesses in the U.S. and Canada address construction risks associated with their property expansion and renovation plans, the Hamilton, Bermuda-based company said in a statement.
The platinum property policy provides up to $1 billion in property capacity to businesses that buy 100% of their property coverage from XL Catlin. XL Catlin said the new platinum property endorsement adds a master builders risk coverage option to address a client’s construction and renovation plans in its portfolio of insured property.
XL Catlin said builders 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 accidents to a construction project.
“One spark from a welding gun could turn a property expansion project into a pile of ash,” Michele Sansone, president of XL Catlin’s North America property insurance business, said in a statement. “While many businesses turn to standalone builders risk to address their construction risks, this endorsement offers our property clients another option delivered by a dedicated construction risk team.”
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.
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