XL Catlin has added a Course of Construction (COC) coverage option to its Platinum Property insurance program to help businesses in the U.S. and Canada address construction risks associated with their property expansion and renovation plans.
The Platinum Property Policy provides up to $1 billion in property capacity to businesses who buy 100 percent of their property coverage from XL Catlin. XL Catlin’s new Platinum Property endorsement adds a Master Builders Risk Coverage option to address a client’s construction/renovation plans in its portfolio of insured property.
Builder’s Risk insurance, also known as COC insurance, covers buildings or projects under construction against the costs of repair or replacements, protecting property owners and contractors from the devastating and costly impact of fires, floods, vandalism, theft, and other unwelcome accidents to a construction project.
According to Joe Vierling, profit center head of XL Catlin’s Construction Property business, the new endorsement extends protection to the life of the project – up to a three year term – even if the annual property coverage is not renewed. Plus, it protects all contractors and subcontractors as additional named insureds, eliminating the possibility of coverage conflicts or subrogation issues that can derail their construction projects or expansion plans.
To help clients address potential coverage gaps, XL Catlin’s North America Property business also recently made available a terrorism and political violence insurance option given heightened concerns about potential terrorism or political violence risks.
XL Catlin insurance companies offer property, casualty, professional, financial lines and specialty insurance products globally.
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