According to Gary Kaplan, President of XL Group’s North America Construction business, “P3s represent an innovative team approach for public entities and private companies to work together to accomplish much needed construction of roads, bridges and other essential infrastructure. The whole notion of teamwork and partnering as a way to deliver projects is vital to the success of a project—even for insurance providers.”
In P3 projects, private companies, including many contractors, contribute financial capital to the public projects, build them and recoup their investment by operating and maintaining the asset or infrastructure as a revenue source.
“Throughout Europe and Canada, private companies have achieved success with P3 projects and now more state governments are seeing the value of this approach in the US. Our cohesive insurance approach is helping contractors realize the value of P3 business opportunities, by protecting them from the associated risks and potential losses throughout the life of the project, especially the operations and maintenance phase,” explained Mr. Kaplan.
XL Group’s P3 Insurance Solution builds a multi-line insurance program, including: Primary Casualty, Excess Casualty, Builders Risk, Professional Liability, Pollution Liability and Surety protection, specific to a project.
XL Group’s P3 insurance coverages are also accompanied by integrated construction risk engineering and claims services throughout the project lifespan. Each P3 client is assigned a dedicated experienced construction risk engineer who will oversees risk services to:
• Provide engineering consultation for the O&M risk
• Coordinate with Underwriting and Claims on all aspects of coverage
• Offer technical assistance
• Develop site-specific safety plan
• Serve on Project Safety Committee
• Deliver training support
“Insurance plays a vital role, helping facilitate these deals, providing some pricing stability and effective budgeting for future O&M costs,” explained Mr. Kaplan. “In every P3, the insurance piece has to be right, and could make the difference between profitability and loss.”
P3 Plus coverages are provided by the XL Group insurance companies including Indian Harbor Insurance Company, Greenwich Insurance Company, XL Specialty Insurance Company, XL Insurance America, Inc. and XL Reinsurance America, Inc.
North America Construction business offers a customer-centric approach with a deep understanding of large contractors’ insurance and complex risk management needs to develop solutions and growth through integrated risk.
About XL Group plc’s Insurance Operations
XL Group plc’s insurance companies offer property, casualty, professional and specialty insurance products globally. Businesses that are moving the world forward choose XL as their partner. To learn more, visit xlgroup.com/insurance
About XL Group plc
XL Group plc (NYSE: XL), through its subsidiaries, is a global insurance and reinsurance company providing property, casualty and specialty products to industrial, commercial and professional firms, insurance companies and other enterprises throughout the world. XL is the company clients look to for answers to their most complex risks and to help move their world forward. To learn more, visit xlgroup.com
XL Group is the global brand used by XL Group plc’s insurance and reinsurance subsidiaries.