Lexington Insurance Company announced yesterday that it would be offering two new service products. The new set of products was designed to protect owners, developers and investors from financial losses resulting from damage or loss of energy property.
Lexington presented its Energy Investment Tax Credit Insurance program, which consists of two plans. Investment Tax Credit (ITC) Energy-48 Mobile Property, and ITC Energy-48 Professional Liability. Besides protecting developers, owners and investors from property damage and loss, it was also a comeback to the recapture of ITC granted for those properties; as a result of Internal Revenue Code (IRC) Section 48.
ITC Energy-48 Mobile Property Insurance provides coverage for replacement cost for direct physical loss or damage to mobile energy property. It will cover loss or recapture of energy ITC as a result of the covered loss. The ITC Energy-48 Mobile Property insurance includes business interruption loss and coverage of energy property while en route between locations.
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Their ITC Energy-48 Professional Liability Insurance provides defense and indemnity coverage. This is for errors and omissions of a policyholder who manages, operates and/or maintains energy property. Limited partners may seek a professional liability claim for recovery of a loss or recapture of ITC (as a result of non-compliance with IRC Section 48).
The ITC Energy-48 Insurance Program(s) that Lexington offers is for prevention of loss; ITC’s are a large source of income for investors in projects involving alternative energy.
Lexington Insurance Company is the leading U.S. based surplus lines insurer. They provide property, casualty, and specialty lines programs and insurance coverage. They service small to mid size companies and industries, as well as, larger commercial businesses.