Lexington Insurance Company, a unit of AIG Commercial Insurance, announced the launch of “Lex P-3 Solutions SM,” which it described as offering “tailored risk management and insurance products that respond to risks associated with public private partnerships throughout the life of the partnership. Public private partnerships allow private capital to be invested in public construction projects in return for future income after construction during the operational phase.”
The bulletin noted that “Lex P-3 Solutions covers the risks unique to public private partnerships. The coverage addresses risks starting with the design and construction phase and continues through the operational phase of a project and can include professional liability, general liability, excess liability and builders’ risk during construction. Upon completion of the project, Lex P-3 Solutions can provide property insurance and operational general liability during the ownership and maintenance phase. All of the P-3 Solutions coverages are available on a stand-alone basis or on a combined policy form.”
Lexington’s Chairman and CEO Kevin Kelley noted: “Infrastructure, including many roads, bridges, tunnels, water, power utilities, airports and rail/light rail, are either in disrepair or in need of serious upgrades to meet today’s needs in America. Unfortunately, current government funding sources fall far short of this need. A significant portion of the funding gap will likely be filled by public private partnerships,” said “We created P-3 Solutions to cover the risks unique to public private partnerships.”
Lex P-3 Solutions builds upon Lexington’s history in the construction and property markets and leverages an experienced team of underwriting, risk management, claims and legal counsel to facilitate a quality and efficient insurance program.
Lex P-3 Solutions is available in all 50 States except New York. For more information contact Tom Grandmaison at: Thomas.Grandmaison@AIG.com, (617) 345-4130 or Bob Rogers at: Robert.Rogers@AIG.com, (617) 330-8564.