ACE Group announced the introduction of the ACE Catastrophe Liability Plus Policy (Construction) for the construction industry through its Excess Casualty Division.
The new policy, which is designed for construction wrap-ups, consolidates multiple catastrophe liability specific endorsements into one single policy. The new policy is available for construction wrap-ups including Owner Controlled Insurance Programs (OCIPs), Contractor Controlled Insurance Programs (CCIPs) and rolling and joint venture programs.
“The release of this new coverage demonstrates ACE’s ongoing commitment to meet the unique and evolving needs of the construction industry,” said Carol Laufer, executive vice president, ACE Excess Casualty. “With the current increase in construction-related projects, expanded coverage is necessary to protect contractors from potential excess exposures. Our new policy is designed to create a seamless tower of insurance over the primary general liability program, eliminating the need for added, commonly used endorsements.”
Key features of Catastrophe Liability Plus Policy (Construction) include:
- Underlying Designated Premises Endorsement.
- Underlying Product/Completed Operations Extension Endorsement.
- Cancellation provisions and premium adjustment promulgation as the underlying primary general liability carrier.
- Knowledge of Occurrence amended (Knowledge not constituted unless notice received by; Executive Officers or anyone responsible for administering the insured’s insurance program).
- Other Insurance Clause amended to follow form primary non-contributory wording, if provided by scheduled underlying policy.
- Failure to Disclose included in coverage form.
- Limits available up to $25M.
Source: ACE Group
Was this article valuable?
Here are more articles you may enjoy.