WTW launches Bermuda excess casualty construction facility
Insurance broker WTW has launched a Bermuda excess casualty construction facility aimed at the North American market and designed to expedite the insurance process.
WTW said the facility would offer an enhanced range of $25 million to $50 million in excess capacity, providing reinforcement for construction projects. It said excess capacity is available attaching at $10 million per occurrence, ensuring comprehensive coverage for unforeseen circumstances.
"Employing a simplified slip format, the facility expedites the insurance process, thus facilitating a faster quote-to-policy timeline and eliminating unnecessary delays," WTW said. "With underwriters committing to clients within a swift three-day window, the facility provides expedited access to essential capacity, a key advantage in the fast-paced construction sector."
Jim Dunlap, North American Construction Broking Leader, said: ""We are very pleased to be able to offer our clients with an additional competitive option for their excess liability. As a global line of business, it is imperative that we provide our clients access to the global marketplace to assure that the very best terms and conditions are obtained. The development of this innovative facility is indicative of WTW’s commitment to product development.”
WTW said it aimed to streamline the quote and slip process, providing clients with enhanced convenience and efficiency.
“This is an innovative product that is a collaborative effort between WTW Construction North America (NA) and WTW Bermuda that has developed a unique facility providing excess construction capacity generally lower in traditional liability towers,” said Chris Heinicke, Head of Casualty – Bermuda. “The purpose is to provide our clientele with an additional competitive option. The overall development of this facility is illustrative of the WTW’s commitment to providing innovative solutions for our customers utilising the global insurance marketplace.”
Did you get value from this story? Sign up to our free daily newsletters and get stories like this sent straight to your inbox.
