|Lexington Introduces Lex FollowUPSM , Legacy Liability Risks Coverage for the Construction Industry|
NEW YORK – February 17, 2010– Lexington Insurance Company, a Chartis company, today announced the introduction of Lex FollowUPSM, a policy designed for the construction industry to assume the legacy financial risk associated with general liability self-insured retentions.
Lex FollowUP provides coverage for a policyholder's self-insured retention (SIR) for incurred but not reported claims that may arise under certain scheduled insurance policies. Lexington has created a reverse follow form policy that follows the terms and conditions of those policies. Additionally, Lex FollowUP can be designed to cover loss portfolio transfers for known losses within the SIR of such policies. Lex FollowUP may be applied to up to 10 years of prior policies, as well as a mix of annual "practice" policies and project-specific policies, including wrap-up policies.
“Recent economic conditions have put added pressure on construction firms and owner/developers to manage legacy liability as part of their overall insurance budget. They desire options to close out or reduce legacy liability risks that could negatively affect their cash flow today,” said Thomas Grandmaison, Senior Vice President of Lexington Insurance Company. “Lex FollowUP provides policyholders an option for financial certainty regarding those legacy exposures.”
Lex FollowUP is available to contractors or developers/owners in the commercial or residential arena. It can be written in conjunction with Lexington policies, policies written by affiliated Chartis insurers, or other financially strong carriers. For more information regarding Lex FollowUP, contact Tom Grandmaison, Senior Vice President of Lexington Insurance Company, at 617-345-4130 or firstname.lastname@example.org. You can also visit www.lexingtoninsurance.com.
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.