Aon Risk Solutions, the global risk management business of Aon plc, has released its latest London Short Excess Liability Follow form policy (London Short #2) to provide clients with more contract certainty, clarity and consistency of coverage.
The previous version of the London Short Excess Liability Follow form was launched by Aon in 2007 and is now utilized by a majority of carriers in the London market. This update incorporates several coverage enhancements designed to respond to industry questions and client demands raised in recent years. Enhancements to the Aon London Short Excess Liability Follow form include:
- Express coverage for punitive damages, dependent upon the basis of the placement
- Duty to Defend coverage to provide insureds with a defense to claims made under a policy. This coverage was added directly as a result of the request of clients who have Follow Form Occurrence Excess Liability programs.
- Recognition that the payment of loss by either insured or insurer for covered claims satisfies underlying obligations
- Business continuity component that provides for an automatic 30-day policy extension in the event a natural disaster prevents communication among insureds, their brokers and/or carriers at the time of policy expiration
Available to industry classes written on an occurrence and/or claims made basis, the enhanced version of the London Short Excess Liability Follow form has currently been accepted by Apollo, Aspen, Catlin, Markel, Scor, Torus and XL insurance organizations.
Aon also recently launched the Bermuda Shorts form, which includes many of the features contained in the London Short form.
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