XL Catlin Boosts Global Property Insurance Capacity to $400M
To accommodate increasing property values around the world and more complex risks, XL Catlin extended its global property insurance capacity to $400 million (USD), a more than 25 percent increase from its previous $300 million capacity.
XL Catlin’s enhanced capacity is available on a quota share or layered basis to meet a wide variety of commercial businesses and industries’ global and domestic property insurance needs.
In addition to offering its new $400 million of property insurance capacity on a shared program, XL Catlin offers capacity up to $1 billion for clients who purchase 100 percent of their property insurance through XL Catlin’s Platinum Property program.
General Star Launches Coverage for Unmanned Aircraft Systems
General Star Management Company announced the availability of CGL coverage specifically designed to protect the manufacturers, distributors and operators of unmanned aircraft systems (UAS). In addition, contingent coverage for unmanned aircraft systems operations conducted on behalf of the insured is available.
Protection afforded by the Casualty Division is targeted to manufacturers, distributors and operators of hobby and commercial unmanned aircraft weighing up to 55 lbs. Operators must operate the devices within applicable FAA regulations and guidelines. “Start-up” as well as established entities are eligible for the new offering.
General Star will entertain UAS operators including but not limited to:
- Use of unmanned aircraft for research, governmental or commercial purposes;
- Real estate surveyors using unmanned aircraft for aerial surveying;
- Professional photographers using unmanned aircraft for commercial purposes.
Primary limits of $1M/$2M/$2M/$1M are available for manufacturers, distributors and operators. Excess limits of $2M in addition to the Primary limits are also offered. Contingent liability coverage for UAS operations conducted on behalf of the insured offers primary limits of up to $2M/$4M/$4M/$2M and $10M excess of underlying primary limits.
Coverage for aircraft collision and for privacy violations arising out of UAS operation is included for manufacturers, distributors and operators. Written on an occurrence basis, the new protection contains no or nominal deductibles.
Coverage is provided on a non-admitted basis by General Star Indemnity Company which is rated A++ (Superior) by A.M. Best Company and carries an AA+ Insurance Financial Strength Rating from Standard & Poor’s Corporation. General Star Indemnity Company, a wholly-owned subsidiary of General Reinsurance Corporation, is a member of the Berkshire Hathaway family of companies.
Property Drone Consortium Announces UAS Research Agreement with U.S. Department of Homeland Security
The Property Drone Consortium (PDC), a collaboration that consists of insurance carriers, roofing industry leaders and supporting enterprises announced a Cooperative Research and Development Agreement (CRADA) with the U.S. Department of Homeland Security (DHS) Science and Technology Directorate (S&T).
The agreement will leverage the knowledge base, capabilities, and resources of the parties to the agreement to advance the understanding of the use of UAS for public safety missions.
Together with the PDC, the CRADA will bring together the efforts of the DHS S&T’s First Responders Group and the Federal Law Enforcement Training Centers.
CompWest to Offer Workers’ Comp Insurance to Artisan Contractors in California, Utah
CompWest Insurance announced that it will offer workers’ compensation insurance for artisan contractors in California and Utah. This new segment provides agents with a service-oriented, long-term workers’ compensation solution for the growing needs of the construction industry.
The program targets artisan construction operations with annual premiums between $25,000 and $250,000 in California and $15,000 to $150,000 in Utah.
CompWest provides workers’ compensation insurance in California and select Western states, targeting customers in healthcare, manufacturing, professional services, retail, wholesale services, hospitality and artisan construction. Its focus on underwriting, specialized loss control and integrated claims management services brings policyholders assistance in minimizing injuries and reducing long-term insurance costs.
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