XL Group announces simplified follow form for excess professional liability coverage in North America

XL Group plc announced this week it has “simplified the process” for Canadian and American commercial insurance brokers placing excess liability coverage, with a follow form policy that provides up to $50 million in additional limits, for policies from XL and other carriers.

The new excess “follow form” insurance policy – which applies to claims first made in the policy period – could provide excess coverage for directors and officers, errors and omissions, fiduciary, fidelity or employment practices liability, Dublin-based XL Group stated in a release. It provides “up to $50 million of additional liability limits over XL Group or other insurance carriers’ primary professional liability insurance coverages,” the company in a press release Wednesday.

“Working closely with our clients and brokers and listening to their suggestions, we have simplified the process of placing excess coverage by providing a clean, one-page, true ‘follow form’ policy,” stated Gregory McCoy, assistant vice president of underwriting in XL Group’s professional business, in the press release. “With this new true follow form, we are simplifying the underwriting process, but, also helping to eliminate potential conflicts and coverage gaps that can complicate claims.”

Wednesday’s announcement came a month after XL Group announced an executive and corporate securities liability policy form broadens the definition of loss to include plaintiff’s attorney fees associated with a settlement and arrest or incarceration of an insured individual in relation to company business, among others.