Marsh’s London office announced that it has launched a new liability product for the power and utility industry. The Marsh Utility Liability facility is designed to provide cover for power and utility clients based outside the United States.
Marsh’s Global Markets specialized products team practice developed and launched the new facility, which “provides clients with the broadest level of cover possible at highly competitive rates, said the bulletin. “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.”
Key features of the Marsh Utility Liability facility are:
— Primary limits of up to US$25 million: each risk to be submitted individually for rating with excess layers available on request.
— Pre-agreed wording specifically designed for the utility industry.
— Broad cover available including the following potential extensions: Failure to Supply, Pure Financial Loss, Unaggregated Pollution cover, Positive Terrorism cover, Incidental Professional Indemnity, Electro-Magnetic Radiation cover, Contingent Non-Owned Auto extension, Employer’s Liability extension, Lenders endorsement extension and Long Term Agreements with rolling discounts.
— Security is provided by Lloyd’s.
Thomas Bates, Vice President, Global Markets Specialised Products, commented: “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.”
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