Carrier News

December 5, 2019

Great American – Special Risks Insurance

Source: https://www.greatamericaninsurancegroup.com/, December 2019

New Enhancement

Great American is now offering site-related pollution coverage to classes of business that can be higher exposure due to the nature of their operations.

This would include but not be limited to:

  • Chemical Manufacturing and Processing Plants
  • Industrial Manufacturing
  • Pulp and Paper
  • Petroleum Refineries
  • Large Petroleum Terminals
  • Oil and Gas Wells
  • Crude Oil / Natural Gas Pipelines
  • Metal Processing and Finishing
  • Injection Wells
November 11, 2019

Berkley Construction Professional Has Introduced Faulty Workmanship Liability Coverage

Source: https://www.bossynews.com, November 11, 2019
By: Shahina Khatun

Berkley Construction Professional is a division of the Berkley Alliance Managers. Berkley Construction Professional has introduced a Faulty Workmanship Liability coverage which fits consecutively with ISO CGL (Commercial General Liability) policy related to the property damage which has arisen from the faulty workmanship. This Faulty Workmanship Liability coverage also addresses the elements of damage which are purposely excluded from ISO CGL policy. This coverage has been triggered by a 3rd party faulty workmanship that claims against the policy holder, but the claim doesn’t have to cite negligence. Read more.

October 31, 2019

Great American Environmental Division Announces Special Risks Program

The Environmental Division of Great American Insurance Group is pleased to announce an enhancement to its current environmental program. The new “Special Risks” coverage enhancement is specifically designed to offer site-related pollution coverage to classes of business that can be considered higher exposure due to the nature of their operations. These “Special Risks” would include but not be limited to: petroleum refineries, large petroleum terminals, crude oil and natural gas pipelines, chemical processing plants, chemical manufacturing, industrial manufacturing, pulp and paper, metal processing and finishing, and injection wells.

“Since the inception of our division almost a dozen years ago, our general philosophy has been to minimize our exposure to these special risks during the early years of our program.” Mark Vuono, Environmental Divisional President, said. “As we continue to grow, our book of business has matured to the point where we can successfully integrate these “Special Risks” exposures into our overall book of business.”

October 27, 2016

Ironshore Expands Liability Coverages for Designers, Contractors

Source: http://www.insurancejournal.com, October 26, 2016

Ironshore’s Construction Industry Vertical, in conjunction with Ironshore Specialty Casualty, has expanded its coverage for the designers and contractors sector with a new combination policy covering contractors professional liability, contractors pollution liability and pollution mitigation in a single product suite.

Ironshore’s new Designers and Contractors Professional & Pollution (DCP2) Liability Policy form offers third party professional liability protection against damages related to Contractor negligence or its sub-consultant design professionals in the performance of professional services.

The contractors pollution liability component responds to job site incidents, non-owned disposal site occurrences and transportation risks.  The included pollution mitigation reimbursement extension may provide coverage for the costs of disciplinary proceedings and mediation incentive actions.

Coverage is underwritten on a claims-made basis for limits of up to $15,000,000.

Ironshore’s Construction Industry Group provides customized risk coverages including surety, builders risk, professional liability, environmental, stand-alone terrorism, marine cargo, general/excess liability and wrap-up insurance.…

May 25, 2016

XL Catlin Enhances Contractor’s Professional and Pollution Legal Liability Insurance with Rectification Expense Coverage

Source: http://www.prnewswire.com, May 25, 2016

XL Catlin’s Environmental insurance business has added new protection to its Contractor’s Professional and Pollution Legal Liability insurance to help contractors and environmental consultants protect themselves from costly mistakes.

According to Matt O’Malley, President of XL Catlin’s Environmental insurance business, “Contractors of all sizes and types face professional liability exposures, ranging from value engineering, field changes to design, vicarious liability from subcontracted design and self-performed design work. When they err in providing these services, they need the financial wherewithal to rectify mistakes and keep the project moving along.  This new coverage helps our clients absorb the costs of fixing an issue or mistake before it becomes a bigger, more costly issue.”

Standard professional liability coverage addresses third party claims related to an error and omission.   XL Catlin’s new Rectification Expense coverage provides first party insurance coverage to address the costs to correct an error or omission in an insured’s professional services, whether rendered by the contractor or on their behalf.

According to Catherine Cleary, XL Catlin’s Executive Underwriter in Environmental, “Addressing errors before a third party claim is made may reduce the overall costs and expenses associated with an error, preserve more of the contractor’s policy limits, help get the project to a timely completion and preserve the contractor’s relationships and reputation with clients and other contractors.”

February 19, 2016

Berkshire Hathaway Specialty Insurance Introduces Contractor’s Protective, Professional & Pollution Liability Insurance in the U.S.

Source: http://www.businesswire.com, February 17, 2016

Berkshire Hathaway Specialty Insurance (BHSI) today announced that it has launched a Contractor’s Protective, Professional and Pollution (CP3) Liability Policy, which is available on a primary and excess basis for practice or project-specific risks in the U.S.

“This Policy is a natural next step in our development of meaningful, long-term solutions for the construction industry,” said Martin Andrejko, Head of Contractors Professional, BHSI. “With this form, we bring to the sector multi-faceted protection and large-scale capacity – up to $50 million for select accounts − backed by BHSI’s financial strength.”

BHSI’s CP3 Liability Policy provides construction practices and projects with far-reaching protection in five coverage parts: Professional Liability, Protective Indemnity, Pollution Liability, Rectification of Design Defects, and Mitigation of Pollution.

The Pollution Liability coverage part applies to claims arising out of covered operations and transportation of waste. Rectification of Design Defects and Mitigation of Pollution Coverages have flexible triggers that enable insureds to act immediately to address design defects and pollution losses. “With BHSI’s expertise, financial strength and long term commitment, we are uniquely equipped to embrace the challenges contractors face in an evolving industry. By integrating our underwriting, loss control and claims teams, we will provide exemplary claims service and market-leading protection for this modern market,” said Kevin McGrath, Head of Contractors Professional Claims, BHSI.…

January 15, 2016

Great American Launches Enhanced Liability Product

Source: Great American Insurance Insurance Group, January 15, 2016

Great American Insurance Group’s Environmental Division is pleased to announce the launch of its enhanced Professional and Contracting Services policy. The policy speaks to many exposures now faced by contractors, including:

  • Mitigation Costs Coverage
  • Additional Limits for Legal Expense
  • Public Relations Expense Coverage
  • Emergency Response Costs
  • Green Building Materials
  • Mediation Credit Language
  • Occurrence Non-Owned Disposal Site Coverage
  • Occurrence Contingent Transportation Coverage

Limits of liability of up to $50 million per occurrence and $100 million in aggregate are available on “A+” (Superior) paper as rated by A.M. Best.*

Great American’s robust suite of environmental liability products and capacity are available to retail and wholesale brokers throughout the US and Canada. Environmental Division offices are located in Plymouth Meeting, PA, San Francisco, CA and New York, NY.…

October 14, 2015

Insurer to offer project-specific endorsements for construction sector

Source: http://www.ibamag.com, October 12, 2015

A prominent insurance company is now offering project-specific endorsements for sophisticated participants in the US construction market.

The new endorsements from Ironshore Specialty Casualty’s construction unit are available for wrap (OCIP and CCIP), project specific and owner’s interest developments, providing coverage options for project owners, general contractors, joint venture entities and real estate developers.

The enhancement options, called Owner’s Interest Integrated Coverage Endorsement, offer primary limits of up to $2 million per occurrence and $4 million on an aggregate basis. It is underwritten on the standard ISO general liability policy form, and can be expanded to include coverage for extended completed operations.

According to a company statement, the endorsement has been specifically developed to provide project owners with residual coverage related to a project in excess of other available policies from any contractor or subcontractor.

The policy language has been crafted in response to the district risk exposures faced by project owners, and sets Ironshore’s global construction industry practice as the standard for the construction insurance sector, says Ben Beauvais, executive vice president of casualty and construction.

“Ironshore’s attention in developing reliable coverage solutions for the specialty construction sector is reflected in our own carefully worded policy language that defines exactly what is protected with regard to complex project risks,” Beauvais said.

The construction unit of the insurer continues to grow. Five months earlier, Ironshore announced it would raise capacity limits for builder’s risk products to $50 million – an increase from the current $35 million limit.

Ironshore Global Property underwrites coverages on complex, commercial risks against physical loss or damage to property on a first party basis, addressing US domestic and global exposures throughout the insurer’s platform.…

July 13, 2015

W. R. Berkley Corporation Creates Berkley Construction Professional Liability Underwriters

Source: http://www.businesswire.com, July 13, 2015

W. R. Berkley Corporation (NYSE:WRB) today announced the creation of Berkley Construction Professional Liability Underwriters, a W. R. Berkley Company®, to provide professional liability, pollution liability and protective coverages for contractors and project owners across all forms of non-environmental construction. Products will be available on both a primary and excess basis through W. R. Berkley Insurance Group members rated A+ (Superior) by A.M. Best Company, Inc.

Raymond F. H. Bustamante has been named executive vice president of Berkley Construction Professional Liability Underwriters. Mr. Bustamante has 25 years of property casualty insurance industry experience specializing in design and construction professional liability. He is a graduate of Valparaiso University, with a Bachelor of Arts in international economics.

In making the announcement, William R. Berkley, chairman of the board and chief executive officer of W. R. Berkley Corporation, commented: “Ray is a highly experienced veteran in the construction professional liability market who was instrumental in developing many of the products in use today. We are pleased to have such an innovator lead an experienced team in offering solutions that address the often unique risks that contractors and owners/developers face.”…

May 5, 2015

XL CEO Mike McGavick talks Catlin acquisition, combined company’s future, rebranding

Source: http://www.propertycasualty360.com, May 1, 2015
By: Shawn Moynihan

Forging a combined new competitor in the global specialty insurance and reinsurance markets, XL Group PLC has completed its acquisition of Catlin Group Ltd., and will soon be marketing the combined venture under a new name that its CEO believes will project its strengths in a competitive landscape.

Beginning next Monday, May 4, the combined company will be marketed as XL Catlin and a global advertising campaign and new public website will be launched to coincide with market introduction of the new XL Catlin moniker and brand on May 5. (The name of the parent company will remain XL Group plc.)

Based in Hamilton, Bermuda, Catlin – which underwrites specialty P&C insurance and reinsurance in more than 30 lines – was approached by XL in December about the potential for an acquisition deal that would value Catlin at 2.53 billion pounds, or about $3.97 billion. The close of this deal bolsters XL’s P&C insurance and reinsurance portfolio, and creates a combined company valued in excess of $12 billion.

XL’s Mike McGavick will continue as CEO, and Stephen Catlin, founder and CEO of Catlin Group Ltd., has joined XL as Executive Deputy Chairman, also serving on the company’s board of directors.…