XL Catlin and Financial Risk Solutions, Inc., have entered an underwriting agreement to offer Chill-Pro contractual liability insurance coverage for heating ventilation and air conditioning (“HVAC”) contractors in the United States.
Chill-Pro is a national insurance program that provides service agreement coverage for chiller, or large air conditioning units, that are installed and operate with a “Full Service Agreement” by HVAC contractors.
According to Brian Strain, head of XL Catlin's equipment breakdown business, “Chill-Pro is the only product on the market today that helps HVAC contractors address the risks of service contracts while remaining competitive in their market.”
When large commercial air conditioning units are installed at commercial facilities, HVAC contractors frequently offer customers service agreements to address any failures of the chiller equipment. Should a chiller unit breakdown, Chill-Pro contractual liability insurance pays for the cost of parts and labor, or replacement, helping HVAC contractors cover their costs and get the chiller equipment up and running again for their clients.
“Having served the HVAC market for 35 years, we have the expertise to understand this business and the inherent risks and costs associated with service agreements,” said James Wilson, president of Financial Risk Solutions, Inc. “We are very pleased to have XL Catlin partner with Chill-Pro. XL Catlin's equipment breakdown insurance team including underwriters, risk engineers, and claims specialists have exceptional market reputations. Their collaboration and creativity has enabled Chill-Pro to provide coverage that will help HVAC contractors thrive.”
“A strong service agreement is a competitive advantage for HVAC contractors and so is teaming up with a specialized broker like FRS and insurer like XL Catlin,” said Mr. Strain. “With FRS' expert guidance, this insurance coverage and our dedicated claims team, contractors can maintain that advantage by protecting their profit margins from the cost of equipment failures that they are financially obliged to fix. Adhering to these service agreements in a timely manner helps build and protect their market reputations as well.”
Chill-Pro is provided by XL Insurance America, Inc.
Learn more: xlcatlin.com; http://www.financialrs.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].