XL Group has developed a new excess “follow form” insurance policy to provide the option of buying an additional layer of professional liability insurance protection.
According to Kelly Lyles, chief executive of XL Group’s Global Professional team, potential defense costs and the increasing severity of court settlements and judgments can quickly exhause primary insurance limits, so having a strong layer of excess protection is important in this business environment.
“Working closely with our clients and brokers and listening to their suggestions, we have simplified the process of placing excess coverage by providing a clean, one-page, true ‘follow form’ policy,” said Gregory McCoy, assistant vice president of Underwriting in XL Group’s Professional business. “With this new true follow form, we are simplifying the underwriting process, but, also helping to eliminate potential conflicts and coverage gaps that can complicate claims.”
XL Group’s new one-page excess form provides up to $50 million of additional liability limits over XL Group or other insurance carriers’ primary professional liability insurance coverages which may include directors and officers, errors and omissions, fiduciary, fidelity and employment practices liability insurance. Excess coverage extends protection for claims that exceed underlying professional liability coverage limits and follows their terms and conditions.
Through XL Group’s insurance companies, XL Group’s professional business provides professional liability insurance for directors and officers, financial institutions, architects, engineers and other businesses and service professionals, as well as other professional liability coverages including cyber and technology, commercial crime and fraud, and employment practices liability insurance.
XL Group plc’s insurance companies offer property, casualty, professional and specialty insurance products globally.
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