The marine insurance unit of XL Group has unveiled Contractor’s Equipment Coverage Solutions, a package designed to protect the equipment of general building, infrastructure and specialty contractors.
“Whether it’s a backhoe or computer, contractors rely on diverse equipment to support their business and see their projects to completion,” said Rich DeSimone, president of XL’s North America Ocean and Inland Marine underwriting unit. “Our new contractor’s equipment policy provides broad coverage, and is supported by XL’s experienced and industry-specific inland marine underwriting and claims experts.”
The new product has few exclusions and offers adjustable limits, valuation and coinsurance options, allowing XL to tailor solutions for contractors of any size or type. Extensions such as contract penalty and rental expense coverage are included.
XL is also offering an escalation clause for total losses designed to provide coverage for attachments and betterments and improvements to the equipment, voluntary parting, a reimbursement for returning stolen property, unintentional errors and omissions and transporting property of others.
Another key feature is coverage for property that supports a business such as computers, data and media, valuable papers and records, tenant’s betterments and improvements, office furniture and supplies and other business personal property.
The product eliminates the need for contractors that do not have real property to insure to purchase a separate property policy. It is offered on a primary or excess basis, admitted or nonadmitted basis, 100 percent interest or participant on a quota share basis.
XL’s North American construction team is based in New York.
Was this article valuable?
Here are more articles you may enjoy.