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Global Contractual Liability Product Established to Address Force Majeure and Additional Existing Gaps

03/09/2010
Sole industry solution now available through Aon
CHICAGO, March 9, 2010 /PRNewswire via COMTEX/ -- In response to a marked increase in global demand to address contractual liabilities not otherwise covered by existing insurance options, Aon Construction Services Group has secured an offering for up to $100 million in limits to address contractual liabilities such as force majeure events, liquidated damages and performance coverage.

(Logo: http://www.newscom.com/cgi-bin/prnh/20041215/CGW049LOGO)

Contractual liability policies are designed to indemnify another person or entity for actions excluded in typical insurance policies. The strongest demand for this type of coverage has been to mitigate the risk of damages resulting from performance shortfalls or delayed completion of a construction project.

"Although contractual liability exposure has remained high, capacity for these coverages had virtually disappeared with the economy's downturn," said Peter Arkley, chairman and chief executive officer of Aon Construction Services Group. "Aon is proud to be the exclusive broker able to offer up to $100 million of contractual liability offerings, and this product development is indicative of the distinct market advantage our clients have come to expect when partnering with our experts."

Aon's contractual liabilities capacity offering can be placed with markets in the U.S., Bermuda, London and Europe, and includes a broad appetite related to the type of work involved, geographic location or responsible entity. Purchase of coverage may be handled on a pooled or blanket basis by a client with a strong understanding of contractual exposures and a willingness to participate in the risk with a reasonable retained amount.

Led by Mark Watson, Aon has invested in a dedicated team to focus on the engineering, analysis and placement of the coverage. The team consists of Gerald Fox and Drummond Abernethy in the UK and Todd Rowland and Vincent Zegers in the U.S. The group's unrivaled experience in this space will ensure the broadest terms possible in financing contractual risks related to construction projects.

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About Aon

Aon Corporation (NYSE: AON) is the leading global provider of risk management services, insurance and reinsurance brokerage, and human capital consulting. Through its more than 36,000 colleagues worldwide, Aon delivers distinctive client value via innovative and effective risk management and workforce productivity solutions. Aon's industry-leading global resources and technical expertise are delivered locally through more than 500 offices in more than 120 countries. Named the world's best broker by Euromoney magazine's 2008 and 2009 Insurance Survey, Aon also ranked highest on Business Insurance's listing of the world's largest insurance brokers based on commercial retail, wholesale, reinsurance and personal lines brokerage revenues in 2008 and 2009. A.M. Best deemed Aon the number one insurance broker based on brokerage revenues in 2007, 2008 and 2009, and Aon was voted best insurance intermediary, best reinsurance intermediary and best employee benefits consulting firm in 2007, 2008 and 2009 by the readers of Business Insurance. For more information on Aon, log onto http://www.aon.com.

 Media Contacts Kelly Drinkwine Cybil Rose 312.381.268 4312.755.3537 kelly.drinkwine@aon.com cybil.rose@kemperlesnik.com 

SOURCE Aon Corporation

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