WTW has announced the launch of the Bermuda Excess Casualty Construction Facility, a solution designed to cater to the needs of clients in the North American construction industry.
The company says it focuses on delivering data-driven, insight-led solutions across people, risk, and capital domains.
The latest facility provides a range of $25m to $50m in excess capacity, serving as a reinforcement for construction projects facing unforeseen risks.
The excess capacity offered by the facility attaches at $10m per occurrence, ensuring that clients have comprehensive coverage.
It uses a simplified slip format to accelerate the insurance process, allowing for a quicker transition from quote to policy and reducing delays.
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WTW CRB Bermuda head of casualty Chris Heinicke said: “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.
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By GlobalData“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.”
WTW has committed to a rapid response time, with underwriters providing clients with decisions within a three-day timeframe.
