NU Online News Service, Feb. 14, 9:02 a.m. EST
XL Group says it is now offering coverages for contractor's equipment designed for the protection of general building, infrastructure, and specialty contractor's equipment.
“Whether it's a backhoe of computer, contractors rely on diverse equipment to support their business and see their projects to completion,” says Rich DeSimone, president of XL's North America Ocean and Inland Marine underwriting unit.
Contractor's Equipment Coverage Solutions is offered on a primary and excess basis, admitted or non-admitted basis, 100 percent interest or participant on a quota share basis.
The portfolio of coverage solution offers few exclusions with adjustable limits, valuation and coinsurance options for any type or any size of operation. The product also offers additional coverage and extensions such as contract penalty and rental expense coverage, says XL.
Other features include an escalation clause for total losses for attachments and betterments and improvements to equipment, voluntary parting, reimbursement for returning stolen property, unintentional errors and omissions, and transporting property of others.
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