XL Insurance, XL Capital Ltd’s global insurance operations, today announced that, responding to client needs, it has expanded its Construction All Risk (CAR) insurance offering in Spain and Benelux to include Inherent Defect Insurance (IDI) coverage.
XL Insurance’s IDI policies provide coverage for physical damage such as collapse of structural components as a result of defects in design, workmanship, or materials which were undiscovered at the date of issue of the Certificate of Practical completion for up to ten years after the handover of a completed building.
Max Benz, global Underwriting Manager Construction for XL Insurance said: “Insurance coverage for inherent defects is critical to our clients and mandatory in an increasing number of EU countries. As a well established player in the Construction line, XL Insurance is well placed to offer quality capacity, extensive experience and expert underwriting for IDI and we are delighted to respond to the needs of our clients in Spain and the Benelux countries.”
