NEW YORK — XL Catlin and Financial Risk Solutions Inc. have entered an exclusive underwriting agreement to offer Chill-Pro® contractual liability insurance coverage for HVAC contractors in the U.S. Chill-Pro is a national insurance program that provides service agreement coverage for chillers that are installed and operate with a full service agreement by HVAC contractors.
According to Brian Strain, head of XL Catlin’s Equipment Breakdown business, “Chill-Pro is the only product on the market today that helps HVAC contractors address the risks of service contracts while remaining competitive in their market.”
HVAC contractors frequently offer customers service agreements to address any failures of their chiller equipment. Should a chiller breakdown occur, Chill-Pro contractual liability insurance pays for the cost of parts and labor, or replacement, helping contractors cover their costs and get the chiller equipment up and running again for their clients.
“Having served the HVAC market for 35 years, we have the expertise to understand this business and the inherent risks and costs associated with service agreements,” said James Wilson, president of Financial Risk Solutions. “We are very pleased to have XL Catlin partner with Chill-Pro. XL Catlin’s Equipment Breakdown insurance team including underwriters, risk engineers, and claims specialists have exceptional market reputations. Their collaboration and creativity has enabled Chill-Pro to provide coverage that will help HVAC contractors thrive.”
“A strong service agreement is a competitive advantage for HVAC contractors and so is teaming up with a specialized broker like FRS and insurer like XL Catlin,” said Strain. “With FRS’ expert guidance, this insurance coverage, and our dedicated claims team, contractors can maintain that advantage by protecting their profit margins from the cost of equipment failures that they are financially obliged to fix. Adhering to these service agreements in a timely manner helps build and protect their market reputations as well.”
For more information about Financial Risk Solutions, visit www.financialrs.com.
For more information about XL Catlin, visit http://xlcatlin.com.
Publication date: 7/20/2015