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NEW YORK—XL Group P.L.C. has introduced insurance for private construction project’s owners and general contractors that covers contractor and subcontractor performance risks.
The CapAssure coverage protects owners when general contractors fail to deliver work as agreed and protects general contractors when subcontractors default.
“The goal of CapAssure is to protect large, private construction owners from the risk of default by general contractors and protect general contractors from the risk of default by subcontractors,” Bill Mills, senior vp of surety at XL, said in a statement.
As a joint project of XL Group’s North America construction and surety units, the program covers costs stemming from a default or from correcting the scope of the project. This includes extended overhead costs and the acceleration or liquidation of damages. The maximum is $25 million per loss for an owner policy if the general contractor defaults. The maximum is $50 million per loss for the general contractor for each subcontractor that defaults.