ZUG, Switzerland, Jan. 15, 2013 /PRNewswire/ -- Allied World Assurance Company Holdings, AG (NYSE: AWH) announced today that Allied World Bermuda has launched Constellation, a suite of five excess casualty coverage enhancements combined into one package that complements its current portfolio of excess casualty products. These enhancements will be added to follow-form occurrence policies issued by the Bermuda branch of Allied World Assurance Company Holdings, AG.
Mike Hoffmann, Chief Underwriting Officer, Bermuda & International Insurance, commented, "Allied World is committed to providing innovative products and services in the markets where we conduct business globally. We continue to refresh our product suite to help our trading partners and clients adjust to the ever-evolving risks they face. Constellation was developed in response to requests from clients as well as brokers, and this package of enhancements addresses many of the coverage gaps that exist in current excess casualty products."
Patrick Kenahan, General Casualty Manager for Allied World Bermuda, added, "For the past decade, Allied World has been one of the leaders in the Bermuda general casualty market, offering follow-form occurrence coverage and an experienced team of dedicated underwriters to serve our clients. Constellation provides our customers with superior protections. We are confident that these enhancements will provide some of the most comprehensive protection available for purchasers of follow-form occurrence excess liability."
Constellation provides the following enhancements:
- Uni-Wrap – provides comprehensive protection against punitive damages in the follow-form occurrence market by addressing the coverage gaps in traditional excess towers.
- Affirmative Punitive Damages – provides punitive damages coverage on an affirmative basis above a retention, regardless of underlying insurance tower's coverage of punitive damages.
- Defense, Assistance & Cooperation Provision – provides drop-down, duty-to-defend after an underlying duty-to-defend insurance tower is exhausted.
- Payment of Loss Provision – recognizes the reduction of underlying limits in the event the insured has self-funded an underlying layer, e.g. underlying carrier insolvency. Allied World will not drop down, but it will recognize amounts paid by the insured for covered loss.
- Business Continuity Protection – provides a policy extension in the event a natural disaster prevents communications between the insured and their broker or Allied World.
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