Lexington Insurance Co., a Chartis company, has introduced LexArchaeology – first party coverage for expenses and construction completion delay resulting from the unexpected discovery at a construction site of archaeological resources of significant interest.
“Last summer, construction workers at the World Trade Center site discovered the remains of a ship dating back to the 18th century,” said Liz Carmody, senior vice president of Lexington Insurance Company. “Archaeologists raced to the site and construction ground to a halt while they excavated the ship. The added expenses and delay resulting from this type of discovery were rarely, if ever, covered. LexArchaeologychanges that.”
LexArchaeology is available as an endorsement to Lexington’s project specific builder’s risk policy forms. In the event of an unexpected discovery of archaeological resources, the endorsement provides coverage for expenses the insured is obliged to incur for archaeological protective measures, technical consulting and project monitoring, as well as expenses incurred for cleaning, cataloguing, preserving and storing archaeological resources. Additionally, if the discovery causes a delay to the project, LexArchaeologyprovides coverage for the additional costs, charges and expenses the insured incurs while the archaeological resources are being investigated and decisions relative to final disposition are made and executed. These additional costs can include loss of rental income or gross earnings the insured incurs as a result of the delay.
Construction projects in the United States that are subject to Section 106 of the National Historic Preservation Act may be eligible for LexArchaeology coverage.
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