The Marine Insurance unit of XL has unveiled a comprehensive portfolio of coverages, Contractor's Equipment Coverage Solutions, to protect contractor's valuable assets such as general building, infrastructure and specialty contractors' equipment.
The versatile and flexible product with adjustable limits, valuation and coinsurance options affords many additional coverages and extensions such as contract penalty and rental expense coverage provide peace of mind to both brokers and insureds.
Additional features include escalation clause for total losses designed to provide coverage for attachments and betterments and improvements to the equipment and reimbursement for returning stolen property.
The solution is offered on a primary basis, admitted or non-admitted basis, 100% interest or participant on a quota share basis.
Property such as computers, data and media, valuable papers and records, tenant’s betterments and improvements, office furniture and supplies and other business personal property that support business are also covered under the solution.
The XL Contractor’s Equipment Coverage Solutions product eliminates the need for the contractor to purchase a separate property policy if they do not have real property to insure.
XL’s North America Ocean and Inland Marine underwriting unit President Rich DeSimone said that the new policy is supported by the firm’s experienced and industry-specific Inland Marine underwriting and claims experts.