WTW has launched its Bermuda Excess Casualty Construction Facility to bolster the construction industry, specifically targeting the North American market.
This facility is designed to provide an additional $25m–50m in excess capacity, with coverage starting at $10m per occurrence.
The advisory, broking and solutions company said that its new offering aims to streamline the insurance process for construction projects.
By employing a simplified slip format, it is said to allow for a quicker transition from quote to policy, effectively reducing delays.
Underwriters at WTW are committed to responding to clients within a three-day time frame, offering swift access to necessary coverage, the company added.
WTW North American construction broking leader at corporate risk and broking Jim Dunlap said: “We are very pleased to be able to offer our clients an additional competitive option for their excess liability.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalData“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.”
WTW has rolled out several new products recently.
Earlier this month, the company introduced the International CyCore Facility (ICF), targeting international clients with revenues up to $1bn.
ICF is intended to help businesses outside the UK and US manage cyber and tech errors and omissions risks.
Last month, WTW unveiled a cyber insurance solution for small and medium-sized enterprises in North America.
This product is tailored to the specific cyber risks of companies with annual revenues below $50m, including emerging start-ups and pre-revenue accounts.
Additionally, in November 2023, WTW launched A-Star, a new excess layer directors and officers (D&O) insurance solution.
A-Star provides up to $80m in extra capacity for D&O liability, further expanding WTW’s portfolio of specialised insurance products.
