Aon Construction Services Group has secured an offering for up to $100 million in limits to address contractual liabilities such as force majeure events, liquidated damages and performance coverage.
Contractual liability policies are designed to indemnify another person or entity for actions excluded in typical insurance policies. The strongest demand for this type of coverage has been to mitigate the risk of damages resulting from performance shortfalls or delayed completion of a construction project.
“Although contractual liability exposure has remained high, capacity for these coverages had virtually disappeared with the economy’s downturn,” said Peter Arkley, chairman and chief executive officer of Aon Construction Services Group.
Aon’s contractual liabilities capacity offering can be placed with markets in the U.S., Bermuda, London and Europe, and includes a broad appetite related to the type of work involved, geographic location or responsible entity. Purchase of coverage may be handled on a pooled or blanket basis by a client with a strong understanding of contractual exposures and a willingness to participate in the risk with a reasonable retained amount.
Source: Aon
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