XL Group Reveals New Contractor’s Equipment Insurance Product

February 15, 2012

To protect contractor’s valuable assets, the marine insurance unit of XL Group plc unveiled Contractor’s Equipment Coverage Solutions, a comprehensive portfolio of coverages designed for the protection of general building, infrastructure and specialty contractors’ equipment.

Rich DeSimone, President of XL’s North America Ocean and Inland Marine underwriting unit, said, “Whether it’s a backhoe or computer, contractors rely on diverse equipment to support their business and see their projects to completion. 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. We deliver much more than a paper policy.”

Contractor’s Equipment Coverage Solutions has few exclusions and is extremely versatile with adjustable limits, valuation and coinsurance options. The flexibility allows tailored solutions for contractors of any size or type of operation. The product affords many additional coverages that distinguishes it from the rest of the market. Additional extensions, such as contract penalty and rental expense coverage, can be purchased.

Other unique features include:

  • Escalation Clause for total losses designed to provide coverage for attachments and betterments and improvements to the equipment
  • Voluntary Parting
  • Reimbursement for returning Stolen Property
  • Unintentional Errors and Omissions
  • 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. For contractors that do not have real property to insure, the product eliminates the need for the contractor to purchase a separate property policy.

The contractor’s equipment coverage is offered on a primary or excess basis, admitted or non-admitted basis, 100% interest or participant on a quota share basis.

Source: XL Group plc

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