|Lexington Insurance Company to Insure Expenses and Delay Resulting from the Discovery of Archaeological Resources|
New York – July 14, 2011 – Lexington Insurance Company, a Chartis company, today announced the introduction of LexArchaeologySM – first party coverage for expenses and construction completion delay resulting from the unexpected discovery at a construction site of archaeological resources of significant interest.
“Last summer, construction workers at the World Trade Center site discovered the remains of a ship dating back to the 18th century,” said Liz Carmody, Senior Vice President of Lexington Insurance Company. “Archaeologists raced to the site and construction ground to a halt while they excavated the ship. Before today, the added expenses and delay resulting from this type of discovery were rarely, if ever, covered. LexArchaeology changes that.”
LexArchaeology is available as an endorsement to Lexington’s project specific Builder’s Risk policy forms. In the event of an unexpected discovery of archaeological resources, the endorsement provides coverage for expenses the insured is obliged to incur for archaeological protective measures, technical consulting and project monitoring, as well as expenses incurred for cleaning, cataloguing, preserving and storing archaeological resources. Additionally, if the discovery causes a delay to the project, LexArchaeology provides coverage for the additional costs, charges and expenses the insured incurs while the archaeological resources are being investigated and decisions relative to final disposition are made and executed. These additional costs can include loss of rental income or gross earnings the insured incurs as a result of the delay.
Construction projects in the United States that are subject to Section 106 of the National Historic Preservation Act may be eligible for LexArchaeology coverage.
For more information about LexArchaeology for projects in the United States, please contact Frank Tricamo, Product Line Manager - Construction Property of Lexington Insurance Company, at (646) 857-0132 or email@example.com. You can also visit www.lexcasts.com for the LexArchaeology podcast and additional information about LexArchaeology.
Chartis is a world leading property-casualty and general insurance organization serving more than 70 million clients around the world. With one of the industry’s most extensive ranges of products and services, deep claims expertise and excellent financial strength, Chartis enables its commercial and personal insurance clients alike to manage virtually any risk with confidence.
Chartis is the marketing name for the worldwide property-casualty and general insurance operations of Chartis Inc. For additional information, please visit our website at http://www.chartisinsurance.com. All products are written by insurance company subsidiaries or affiliates of Chartis Inc. Coverage may not be available in all jurisdictions and is subject to actual policy language. Non-insurance products and services may be provided by independent third parties. Certain coverage may be provided by a surplus lines insurer. Surplus lines insurers do not generally participate in state guaranty funds and insureds are therefore not protected by such funds.