XL Insurance Announces New Pollution and Professional Liability Coverage for Contractors
HAMILTON, BERMUDA - May 13, 2009
EXTON, Pennsylvania, May 13, 2009 – XL Insurance, XL Capital Ltd’s (NYSE:XL) global insurance operations, today announced new Pollution and Professional Liability policies for the construction industry. These new policies, offered in the US and Canada, provide cradle-to-grave contractor’s pollution protection, expanded contractor’s professional liability and fixed-site pollution coverage in one policy.“XL Insurance’s industry-leading environmental group continues a 25-year tradition of offering expertise and service to the construction industry,” said Rich Corbett, head of XL Insurance’s Global Environmental unit. “Our new state of the art products, coupled with our full complement of claims attorneys, claims consultants, risk control consultants and underwriters, provide an integrated solution for contractors.”“Previously, contractor’s pollution liability coverage typically offered protection at an insured contractor’s jobsite only,” Mr. Corbett explained. “Our new policy covers a contractor’s owned location and follows contractors through various phases of the job and wherever the project may take them. This coverage protects contractors from the time they leave their office to the job site and even moves with them as they move construction and demolition debris to a disposal site.”Mr. Corbett said: “Often it is in everyone's best interest to fix a problem before it results in a third party claim. Therefore, when a contractor’s activities result in pollution conditions, this new Emergency Remediation Expense coverage provides emergency clean up funds before a third party claim is filed. Containing a pollution incident quickly and effectively helps preserve the environment and protect workers and public health. Our on-call emergency response services also ensure quick action to help contain costs which makes this coverage enhancement particularly beneficial to the insured and his or her clients.”The new professional liability coverage includes Mitigation Expense to correct issues resulting from an act, error or omission in professional services that may arise on a project before the issue results in a third party claim and costly litigation. The Emergency Remediation and Mitigation Expense coverages allow a client to minimize or eliminate third party claims therefore protecting the insured’s reputation and financial health.XL Insurance’s Professional and Pollution Liability policies are underwritten by XL’s Indian Harbor Insurance Company and Greenwich Insurance Company in the US and XL Insurance Company Limited in Canada. The coverage continues to be accompanied by XL Insurance’s signature loss prevention and emergency response services as well as dedicated environmental claims handling.About XL Insurance"XL Insurance" is the global brand used by member insurers of the XL Capital Ltd (NYSE: XL) group of companies. More information about XL Insurance is available at http://www.xlinsurance.com. Through its operating subsidiaries, XL Capital Ltd is a leading provider of global insurance and reinsurance coverage and services to industrial, commercial and professional service firms, insurance companies, and other enterprises on a worldwide basis. More information about XL Capital Ltd is available at www.xlgroup.com.
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