XL Group has developed a new excess “follow form” insurance policy.
Kelly Lyles, the chief executive of XL Group's global professional team, said, “Given potential defense costs and the increasing severity of court settlements and judgments, primary insurance limits can be quickly exhausted. Having a strong layer of excess protection is important in this business environment. Our professional liability team has a solid reputation as one of the most knowledgeable and skilled underwriting and claims teams in the industry. When a business is turning to its excess insurance coverage, having this caliber of experience is equally important.”
“Working closely with our clients and brokers and listening to their suggestions, we have simplified the process of placing excess coverage by providing a clean, one-page, true 'follow form' policy,” said Gregory McCoy, the assistant vice president of underwriting in XL Group's professional business. “With this new true follow form, we are simplifying the underwriting process but also helping to eliminate potential conflicts and coverage gaps that can complicate claims.”
XL Group aid that its new one-page excess form provides up to $50 million of additional liability limits over other insurance coverages, which may include directors and officers, errors and omissions, fiduciary, fidelity, and employment practices liability insurance. Excess coverage extends protection for claims that exceed underlying professional liability coverage limits and follows their terms and conditions, the company said.
Learn more: www.xlgroup.com.
Victoria Spears
Victoria Prussen Spears is senior vice president of Meyerowitz Communications Inc., a law firm marketing communications consulting company. A graduate of Sarah Lawrence College and Brooklyn Law School, Ms. Spears was an attorney at a leading New York City law firm before joining Meyerowitz Communications. She may be contacted at [email protected].