NU Online News Service, Feb. 14, 9:02 a.m.EST
|XL Group says it is now offering coverages for contractor'sequipment designed for the protection of general building,infrastructure, and specialty contractor's equipment.
|“Whether it's a backhoe of computer, contractors rely on diverseequipment to support their business and see their projects tocompletion,” says Rich DeSimone, president of XL's North AmericaOcean and Inland Marine underwriting unit.
|Contractor's Equipment Coverage Solutions is offered ona primary and excess basis, admitted or non-admitted basis, 100percent interest or participant on a quota share basis.
|The portfolio of coverage solution offers few exclusions withadjustable limits, valuation and coinsurance options for any typeor any size of operation. The product also offers additionalcoverage and extensions such as contract penalty and rental expensecoverage, says XL.
|Other features include an escalation clause for total losses forattachments and betterments and improvements to equipment,voluntary parting, reimbursement for returning stolen property,unintentional errors and omissions, and transporting property ofothers.
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- All PropertyCasualty360.com news coverage, best practices, and in-depth analysis.
- Educational webcasts, resources from industry leaders, and informative newsletters.
- Other award-winning websites including BenefitsPRO.com and ThinkAdvisor.com.
Already have an account? Sign In
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
