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SAN FRANCISCOC.V. Starr & Co. has created a residential construction facility to provide project-specific excess liability coverage.
The new San Francisco-based facility will act as a program manager on behalf of Warren, N.J.-based Chubb Corp. It will provide coverage excess of a minimum retention of $100,000 per occurrence or homeowner's action, on either a wrap-up or non-wrap basis, Starr said Monday in a statement.
"We have created a product with the assistance of Chubb that follows the laws of the states with 'notice or opportunity to repair' laws, referred to as homeowner's actions," C.V. Starr President William J. Weichold said in a statement. "Today's legal environment has created an excellent opportunity for builders and developers to partner with their insurer to manage claims-related costs on construction defect exposures, and Starr and Chubb have taken this opportunity to be in the forefront of this partnership initiative," Mr. Weichold said.