Willis Towers Watson has launched a Bermuda Excess Casualty Construction Facility.

The global advisory, broking and solutions company said the new product is tailored to meet the needs of clients in the North American market, offering an enhanced range of $25 million to $50 million in excess capacity, providing crucial reinforcement for construction projects.

WTW said excess capacity is available attaching at $10 million per occurrence, ensuring comprehensive coverage for unforeseen circumstances.

Employing a simplified slip format, the company said, the facility expedites the insurance process, thus facilitating a faster quote-to-policy timeline and eliminating unnecessary delays.

With underwriters committing to clients within a three-day window, the facility provides expedited access to essential capacity, a key advantage in the fast-paced construction sector, the company said.

“This is an innovative product that is a collaborative effort between WTW Construction North America and WTW Bermuda that has developed a unique facility providing excess construction capacity generally lower in traditional liability towers,” said Chris Heinicke, head of Casualty — Bermuda, CRB, at WTW.

“The purpose is to provide our clientele with an additional competitive option. The overall development of this facility is illustrative of the WTW’s commitment to providing innovative solutions for our customers utilising the global insurance marketplace.”

Jim Dunlap, North American Construction Broking Leader, CRB, at WTW, said: "We are very pleased to be able to offer our clients with an additional competitive option for their excess liability.

"As a global line of business, it is imperative that we provide our clients access to the global marketplace to assure that the very best terms and conditions are obtained. The development of this innovative facility is indicative of WTW’s commitment to product development.”