NEW YORK--(BUSINESS WIRE)--Lexington Insurance Company, a Chartis company, today announced the introduction of Spoliation Insurance, which is designed to protect against claims arising from direct physical loss or damage to property that serves as material evidence in a legal proceeding.
Spoliation Insurance insures against liability for monetary damages, settlements and defense costs for claims alleging a breach of professional duty. This breach involves the failure to preserve property of evidentiary value belonging to others that is in the care, custody and control of the insured.
“Professionals are often entrusted with property that can affect the outcome of a court case,” said Robert Rogers, Assistant Vice President of Lexington Insurance Company. “Many states recognize a separate spoliation tort action for the destruction, alteration or loss of evidence. Insureds that are legally obligated to pay damages due to the loss of such evidence can now be protected.”
To meet the needs of the variety of firms exposed to spoliation torts – including architects, engineers, land surveyors, landscape architects and agency construction managers, as well as engineering companies that provide testing and forensic analysis – Spoliation Insurance is available as an enhancement to Lexington’s Architects and Engineers Professional Liability policy. Lexington anticipates expanding this coverage to other lines of business in the future.
For more information regarding Spoliation Insurance, please contact Robert Rogers, Assistant Vice President, at (617) 330-8564 or firstname.lastname@example.org; or Karen O’Reilly, Chief Innovation Officer, at (617) 235-8017 or email@example.com. You can also visit www.lexingtoninsurance.com.
Chartis is a world leading property-casualty and general insurance organization serving more than 45 million clients in over 160 countries and jurisdictions. With a 90-year history, one of the industry’s most extensive ranges of products and services, deep claims expertise and excellent financial strength, Chartis enables its commercial and personal insurance clients alike to manage virtually any risk with confidence.
Chartis is the marketing name for the worldwide property-casualty and general insurance operations of Chartis Inc. For additional information, please visit our website at http://www.chartisinsurance.com. All products are written by insurance company subsidiaries or affiliates of Chartis Inc. Coverage may not be available in all jurisdictions and is subject to actual policy language. Non-insurance products and services may be provided by independent third parties. Certain coverage may be provided by a surplus lines insurer. Surplus lines insurers do not generally participate in state guaranty funds and insureds are therefore not protected by such funds.