Ironshore Specialty Casualty has enhanced its transition protection policy form to address contractual exposures related to an organizational merger or acquisition specific to the construction industry.
Ironshore said in a statement that its construction transition protection product provides coverage for “abrupt and accidental property damage or bodily injury arising out of work completed by a construction company that occurred prior to the closure of the corporate transaction.”
The company added that construction transition protection is offered for limits of up to $2 million per occurrence on a primary basis and up to $10 million on an excess basis. Coverage is underwritten on a claims-made basis for an injury period stipulated within contractual documentation or up to a maximum of five years to cover potential liabilities resulting from past operations, according to Ironshore.
“Ironshore's enhanced construction product responds to unforeseen risks that may arise following the completion of a successful transition. Construction transition protection will benefit those clients that require coverage to satisfy contractual requirements when the entity's liabilities are not acquired under the terms of the agreement,” explained Ben Beauvais, who leads the insurer's construction industry practice.
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].