XL Catlin quadruples North American builders risk capacity
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XL Group Ltd., which does business as XL Catlin, said Wednesday that it has increased its builders risk insurance capacity to $1 billion from $250 million to offer construction firms in North America one-carrier property insurance on high-value commercial real estate projects.
The enhanced capacity is available for both owners and contractors and will allow XL Catlin's insurance companies to offer life cycle property coverage by providing insurance during both the construction of a project and the operational phase once the construction is complete, XL Catlin said in a statement.
Coverage will be available on the XL Catlin insurance companies' completed builders risk property form, which provides coverage for the term of the project and includes coverage for owners, general contractors and subcontractors. In addition to property damage, the policy can be endorsed to provide coverage for the projects future earnings by including delay in start-up coverage, XL Catlin said.
"There has been an increased demand for a single carrier builders risk solution for hospital, educational and commercial real estate clients for larger valued projects,” Joe Vierling, senior vice president, XL Catlin North America construction property insurance business, said in a statement.
XL Catlin's construction property insurance business is part of the North America construction insurance unit.
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