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LONDON Marsh Ltd. has launched a new liability product for the power and utility industry, the brokerage announced Tuesday.
The Marsh Utility Liability facility is designed to provide cover for power and utility clients based outside the United States, the company said.
The facility will provide clients with the "broadest level of cover possible at highly competitive rates," Marsh Ltd. a unit of Marsh Corp., said in a statement.
"In particular, the coverage has been developed to match the complex range of third-party exposures often faced by power producers and to respond to the requirements and risk profiles of individual clients," Marsh added.
Among the key features of the facility are that it offers primary limits of up to $25million; each risk is to be submitted individually for rating with excess layers available on request; pre-agreed wording specifically designed for the utility industry.
Of the facility, Thomas Bates, Marsh's vice president, Global Markets Specialized Products, said: "Given the many challenges facing our international utility clients, we identified the demand for a product that could respond to their varying exposures in a consistent, competitive fashion. Using our experience and influence in the market, we have been able to secure support for a comprehensive policy which is able to give our clients the security they need."