XL Group launches coverage for contractors

The marine insurance unit of XL Group has launched Contractor’s Equipment Coverage Solutions.

The portfolio of coverages is designed to protect general building, infrastructure and specialty contractors’ equipment.

The coverage has a few exclusions and is extremely versatile with adjustable limits, valuation and coinsurance options, XL reports in a release.

The flexibility allows tailored solutions for contractors of any size or type of operation.

Additionally, extensions such as contract penalty and rental expense coverage provide peace of mind to both brokers and insureds.

The coverage also includes:

• escalation clause for total losses designed to provide coverage for attachments and betterments and improvements to the equipment;

• voluntary parting;

• reimbursement for returning stolen property;

• unintentional errors and omissions; and

• transporting the property of others.