Aon Risk Solutions, the global risk management business of Aon plc (NYSE: AON), today unveiled its latest London Short Excess Liability Follow form policy (London Short #2) to provide clients with greater contract certainty, clarity and consistency of coverage.
“Excess follow form contracts can vary greatly from carrier to carrier. Inconsistency in policy forms can lead to gaps in coverage as well as inefficiencies in the placement process,” said Anthony DeFelice, managing director of Aon Risk Solutions’ U.S. Casualty Practice. “We are pleased to further mitigate this concern as well as enhance coverage for our clients through this new policy form.”
The previous version of the London Short Excess Liability Follow form was launched by Aon in 2007 and is now utilized by the majority of carriers in the London market. This update incorporates several innovative coverage enhancements designed to respond to industry questions and client demands raised in recent years. Enhancements to the Aon London Short Excess Liability Follow form include:
The ability to provide express coverage for punitive damages, dependent upon the basis of the placement
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Duty to Defend coverage to provide insureds with a defense to claims made under a policy. This coverage was added directly as a result of the request of clients who have Follow Form Occurrence Excess Liability programs.
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Recognition that the payment of loss by either insured or insurer for covered claims satisfies underlying obligations
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Business continuity component provides for an automatic 30-day policy extension in the event a natural disaster prevents communication among insureds, their brokers and/or carriers at the time of policy expiration
Karen Lawson, leader of Aon Risk Solutions’ Umbrella/Excess Liability Practice, added, “We heard the concerns of our clients and are offering this updated form to empower their ability to manage global risk programs more effectively and efficiently while continuing to provide a single follow form policy. We know our clients will appreciate the coverage improvements, delivering the consistency and coverage clarity needed in an excess/umbrella program.”
Available to industry classes written on an occurrence and/or claims made basis, the enhanced version of the London Short Excess Liability Follow form has currently been accepted by Apollo, Aspen, Catlin, Markel, Scor, Torus and XL insurance organizations.
Aon recently launched the Bermuda Shorts form, which includes many of the benefits contained in the London Short form.
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