Source: http://www.businesswire.com, February 17, 2016
Berkshire Hathaway Specialty Insurance (BHSI) today announced that it has launched a Contractor’s Protective, Professional and Pollution (CP3) Liability Policy, which is available on a primary and excess basis for practice or project-specific risks in the U.S.
“This Policy is a natural next step in our development of meaningful, long-term solutions for the construction industry,” said Martin Andrejko, Head of Contractors Professional, BHSI. “With this form, we bring to the sector multi-faceted protection and large-scale capacity – up to $50 million for select accounts − backed by BHSI’s financial strength.”
BHSI’s CP3 Liability Policy provides construction practices and projects with far-reaching protection in five coverage parts: Professional Liability, Protective Indemnity, Pollution Liability, Rectification of Design Defects, and Mitigation of Pollution.
The Pollution Liability coverage part applies to claims arising out of covered operations and transportation of waste. Rectification of Design Defects and Mitigation of Pollution Coverages have flexible triggers that enable insureds to act immediately to address design defects and pollution losses. “With BHSI’s expertise, financial strength and long term commitment, we are uniquely equipped to embrace the challenges contractors face in an evolving industry. By integrating our underwriting, loss control and claims teams, we will provide exemplary claims service and market-leading protection for this modern market,” said Kevin McGrath, Head of Contractors Professional Claims, BHSI.