WTW launches Bermuda excess casualty construction facility
A Bermuda excess casualty construction facility has been launched by WTW, tailored to meet the needs of clients in the North American market. The new facility offers an enhanced range of $25m to $50m in excess capacity, providing crucial reinforcement for construction projects, said WTW.
“We are very pleased to be able to offer our clients an additional competitive option for their excess liability,” said Jim Dunlap, North American construction broking leader, CRB at WTW. “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.”
According to WTW, excess capacity is available attaching at $10m per occurrence. “Employing a simplified slip format, the facility expedites the insurance process, thus 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, a key advantage in the fast-paced construction sector,” said the broker.
It added: “WTW’s internal administrative services are meticulously crafted to streamline the quote and slip process, providing clients with enhanced convenience and efficiency. By carefully managing terms and conditions, WTW ensures the provision of superior coverage, promoting cost-effectiveness and operational efficiency from the outset.”
Chris Heinicke, head of casualty – Bermuda, CRB at WTW, said: “This is an innovative product that is a collaborative effort between WTW construction North America 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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