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The Latest Launches From Chubb and XL Catlin
Chubb came out with new coverage options for the clean tech industry. XL Catlin debuted an enhanced professional liability insurance policy form targeted to architects, engineers and design consultants.
Chubb added a new line of coverages to its specialized clean tech industry insurance program.
Dubbed the Clean Tech Sustainability Suite, the coverage line gives protection for firms handling research and development and can help clean tech firms rebuild “green” if a property loss happens. It is available in the United States and Canada.
Coverage in the new line includes:
- Research & Development Property and Business Income Coverage, which covers a clean tech firm’s R&D property such as plans, records and formulas, as well as R&D business income including grants and endowments.
- Green Standards Upgrade Coverage, which insures the cost to replace or repair lost/damaged building and personal property according to minimum LEED requirements.
- Pollutant Cleanup Coverage, which covers costs stemming from cleanup of pollutions that are part of property or R&D property, while in transit and from land, water or air inside or outside a covered building.
XL Catlin said it has unveiled an enhanced professional liability insurance policy form for design professionals. The specific target customer audience: architects, engineers and design consultants.
The form’s new enhancements include:
- Improved coverage for exposures related to 3D printing and other computer-assisted design technologies.
- More clearly affirmed coverage for pro bono services to dovetail with insureds’ greater involvement with community non-profits.
- Coverage for data collected with the help of drones for professional services.
- Added crisis management coverage of up to $30,000 per policy year for public relations costs connected to a “crisis event.”
- Higher limits for defendant reimbursement.
- Increased disciplinary, regulatory and administrative expense supplements.
Sources: Chubb, XL Catlin