To include Inherent Defect Insurance coverage
XL Insurance, XL Capital’s global insurance operations, has expanded its Construction All Risk (CAR) insurance offering in Spain and Benelux to include Inherent Defect Insurance (IDI) coverage.
The company said that its IDI policies provide coverage for physical damage such as collapse of structural components as a result of defects in design, workmanship, or materials which were undiscovered at the date of issue of the Certificate of Practical completion for up to ten years after the handover of a completed building.
Max Benz, global underwriting manager construction for XL Insurance, said: Insurance coverage for inherent defects is critical to our clients and mandatory in an increasing number of EU countries. As a well established player in the Construction line, XL Insurance is well placed to offer quality capacity, extensive experience and expert underwriting for IDI and we are delighted to respond to the needs of our clients in Spain and the Benelux countries.
XL Insurance is the brand used by member insurers of the XL Capital group of companies. Through its operating subsidiaries, XL Capital is a provider of insurance and reinsurance coverage and services to industrial, commercial and professional service firms, insurance companies, and other enterprises on a worldwide basis.