WTW launches excess casualty construction facility
Global brokerage WTW has launched a Bermuda excess casualty construction facility, designed to serve the specific needs of clients in the North American market.
The facility offers an enhanced range of $25 million to $50 million in excess capacity for construction projects. Excess capacity is available attaching at $10 million per occurrence, ensuring comprehensive coverage for unforeseen circumstances.
WTW explained that by employing a simplified slip format, the facility expedites the insurance process, facilitating a faster quote-to-policy timeline and eliminating unnecessary delays. With underwriters committing to clients within a swift three-day window, the facility provides expedited access to essential capacity in the fast-paced construction sector.
Jim Dunlap, North American construction broking leader, CRB at WTW, said: “We are very pleased to be able to offer our clients with an additional competitive option for their excess liability. As a Global Line of Business, it is imperative that we provide our clients access to the global marketplace to assure that the very best terms and conditions are obtained. The development of this innovative facility is indicative of WTW’s commitment to product development.”
Chris Heinicke, head of casualty – Bermuda, CRB at WTW, added: “This is an innovative product that is a collaborative effort between WTW Construction North America (NA) and WTW Bermuda that has developed a unique facility providing excess construction capacity generally lower in traditional liability towers. The purpose is to provide our clientele with an additional competitive option. The overall development of this facility is illustrative of the WTW’s commitment to providing innovative solutions for our customers utilising the global insurance marketplace.”
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