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. Additionally, extensions such as contract penalty and rental expense coverage provide peace of mind to both brokers and insureds. 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 XL Contractor’s Equipment Coverage Solutions product eliminates the need for the contractor to purchase a separate property policy.
The Contractor’s Equipment Coverage Solutions is offered on a primary or excess basis, admitted or non-admitted basis, 100% interest or participant on a quota share basis.
About XL’s Insurance Segment
The Insurance segment of XL Group plc offers property, casualty, professional and specialty insurance products globally. Businesses that are moving the world forward choose XL as their partner. To learn more, visit www.xlgroup.com/insurance
About XL Group plc
XL Group plc, 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. Its principal offices are located at No.1 Hatch Street Upper, 4th Floor, Dublin 2, Ireland. To learn more, visit www.xlgroup.com