Global professional services firm, Aon Plc has announced the Bermuda Insurance Liability Top-Up (BILT), a new facility unique to Aon that provides clients with up to $50 million of excess casualty capacity, excess of a minimum $100 million attachment point, and a streamlined claims agreement process for project-based construction risks in the US.

“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,” said 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.”

The facility’s underwriting and claims are led by Chubb and supported by a panel of strongly rated Bermuda insurers, including Arch, Ascot, Axa XL, Hamilton and Liberty Mutual. Policy terms for the facility are available for up to seven years, with completed operations coverage of up to 10 years, or as per the relevant statute of limitations.

This new facility builds on Aon’s London-based Liability Facility Top-Up (LiFT) which, when combined, provides clients with up to $100 million of U.S. casualty capacity on project business.

LiFT does not have to be on a programme for BILT to offer terms; BILT operates as an independent Bermuda market facility.