Global professional services company Aon plc has launched the Bermuda Insurance Liability Top-up (BILT), a newly created facility designed to expand excess casualty capacity on US construction projects.
The facility, which is unique to Aon, offers up to $50 million in additional coverage above the minimum $100 million point of attachment and features a simplified claims agreement structure designed to target project-specific construction risks.
Nick Moore, CEO of Aon Bermuda, added: “The U.S. construction market is entering a growth cycle, driven by interest rate changes and large-scale investment in various industries such as data centers and healthcare.”
“We are proud to offer this one-of-a-kind facility to the Bermuda market, offering our clients a wide range of valid casualty insurance, backed by experienced local insurance companies with deep construction insurance expertise.”
Underwriting and claims management for the facility is led by Chubb, with participation from a group of highly rated Bermuda insurance companies including Arch, Ascot, AXA XL, Hamilton and Liberty Mutual. Coverage is available for up to 7 years, with full operational coverage up to 10 years, or subject to applicable statutes of limitations.
BILT expands Aon’s existing London-based Liability Financing Top-up (LiFT). When used together, the two facilities can provide up to $100 million in casualty capacity for U.S. construction projects. Access to BILT does not require participation in LiFT as BILT operates as a stand-alone facility within the Bermuda market.
