Lexington Insurance Co., a Chartis company, has introduced LexTransForm, a claims-made casualty policy with an optional extended reporting period (ERP) that an insured may purchase for a pre-set sliding scale rate.
This new coverage enables occurrence form policyholders to pay up to 50 percent less for Lexington claims-made casualty coverage immediately, without creating coverage gaps or increasing retentions. The schedule is established at the inception of the first claims made policy and remains locked in through up to six claims made renewals upon conversion back to a Lexington occurrence form.
“With insurance budgets under extraordinary pressure in this difficult economic climate, our renewal clients need premium options unaccompanied by undue risk from a new carrier. LexTransform enables our insureds to defer significant amounts of occurrence premium out into the future without compromising long tail claim reporting,” said David Bresnahan, executive vice president of Lexington’s Casualty, Programs and Healthcare Divisions. “LexTransform enables companies to stretch their insurance dollars today, while adding more certainty to their future liability insurance protection and budget.”
LexTransForm is available exclusively to Lexington policyholders currently carrying occurrence-based general or products liability insurance with more than $100,000 in premium. LexTransform comes with an automatic option to reinstate limits, as well as Lexington’s litigation management, risk management support, claims service and financial strength.
Source: Lexington, www.lexingtoninsurance.com