Lexington Insurance Co., a Chartis company, introduces Lex FollowUP, a policy designed for the construction industry to assume the legacy financial risk associated with general liability self-insured retentions (SIR).
Lex FollowUP provides coverage for a policyholder’s SIR for incurred but not reported claims that may arise under certain scheduled insurance policies. Lexington has created a reverse follow form policy that follows the terms and conditions of those policies.
Additionally, Lex FollowUP can be designed to cover loss portfolio transfers for known losses within the SIR of such policies. Lex FollowUP may be applied to up to 10 years of prior policies, as well as a mix of annual “practice” policies and project-specific policies, including wrap-up policies.
Lex FollowUP is available to contractors or developers/owners in the commercial or residential arena. It can be written in conjunction with Lexington policies, policies written by affiliated Chartis insurers, or other carriers.
Source: Lexington Insurance Co.