Aon plc, a global professional services firm, has launched the Bermuda Insurance Liability Top-Up (BILT), a newly created facility designed to expand excess casualty capacity for US construction projects.
Exclusive to Aon, the facility offers up to $50 million in additional coverage above a minimum $100 million attachment point and features a streamlined claims agreement structure aimed at project-specific construction risks.
“The US construction market is entering a cycle of growth, driven by shifts in interest rates and massive investments various sectors including data centres and healthcare,” added Nick Moore, CEO of Bermuda for Aon.
“We are proud to offer this first-of-its-kind facility for the Bermuda market to provide our clients with a large block of efficiently placed casualty capacity supported by experienced local insurers with deep construction insurance expertise.”
Underwriting and claims management for the facility are led by Chubb, with participation from a group of highly rated Bermuda insurers, including Arch, Ascot, AXA XL, Hamilton and Liberty Mutual. Coverage terms can extend for up to seven years, with completed operations coverage available for up to 10 years, or aligned with the applicable statute of limitations.
BILT expands on Aon’s existing London-based Liability Facility Top-Up (LiFT). When used together, the two facilities can deliver up to $100 million in US casualty capacity for construction projects. Participation in LiFT is not required for access to BILT, as BILT functions as a standalone facility within the Bermuda market.
