Aon Corporation has announced that key general liability insurance markets in Bermuda have for the first time agreed to accept a single excess follow form, the Bermuda Shorts Form, from Aon, providing the company's clients with greater contract certainty, clarity and consistency among carriers.
The Bermuda Shorts Form is acceptable for both occurrence and claims-made business and reportedly offers flexibility to deal with punitives in various scenarios.
The new policy, currently available to Aon clients through Endurance Specialty Insurance, Arch Insurance Bermuda and Canopius Underwriting Bermuda, includes no buried exclusions and takes into consideration Bermuda-specific issues, such as arbitration, state-specific endorsements, liberalization and sublimits, said Aon.
Karen Lawson, executive vice president of Aon Bermuda, said: Aon and Endurance Specialty have been working closely over the past year to achieve this important milestone. The response by the markets has been tremendous, and we expect the list of insurers that accept the Bermuda Shorts Form to continue its rapid growth.