XL Catlin's environmental insurance business has added new protection to its contractor's professional and pollution legal liability insurance.
This has been added help contractors and environmental consultants protect themselves from costly mistakes.
The 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.
Contractor's professional and pollution legal liability insurance is available in the US and Canada, and offers liability limits up to $50 million for pollution coverage and $25 million for professional liability coverage.
The policy is available on an admitted or non-admitted basis through XL Catlin's insurance companies, Greenwich Insurance Company and Indian Harbor Insurance Company in the US. In Canada, the policy is available on a licensed basis through XL Specialty Insurance Company’s Canadian branch
Matt O'Malley, president of XL Catlin's environmental insurance business, commented: "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."
Catherine Cleary, XL Catlin's executive underwriter in environmental, added: "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."
XL Catlin, Environmental insurance, Insurance, Reinsurancem Matt O'Malley, Bermuda, North America, Canada