Source: http://www.marketwatch.com, May 24, 2012
Allied World Assurance Company Holdings, AG /quotes/zigman/3001209/quotes/nls/awh AWH -0.05% announced today that Allied World U.S. has launched a new product and risk management service for its Environmental insurance policyholders. The new Contractors Professional and Pollution Liability (CPP) Policy is part of Allied World’s expanded product offering for the Construction industry. The company has also introduced a new, complimentary 24/7 Environmental Helpline service available to all Environmental insurance policyholders in the U.S. as part of Allied World’s ongoing commitment to provide value-added risk management services to clients.
The new CPP Policy protects contractors and consultants working in both the Construction and Environmental industries against professional acts, errors and omissions, and the various environmental liabilities that are often not covered by a general liability policy. This policy covers contractor-related professional liability as well as bodily injury, property damage, environmental damage, clean-up costs and emergency clean-up costs caused by pollution incidents arising from an insured’s operations.
By combining the features of the Contractors Pollution Liability (CPL) Policy with errors and omissions coverage for professional damages and mitigation expenses incurred during the course of performing operations and services, this product is ideal for general contractors, construction managers, trade and specialty contractors. This product is also an important professional liability solution for environmental consultants, contractors and environmental laboratories.
In addition to the new Environmental policy, Allied World’s U.S. Environmental Department is unveiling access to a new 24/7 Environmental Helpline, which is available, at no additional charge, to all Allied World U.S. Environmental insurance policyholders. Allied World U.S. offers access to this helpline through a strategic relationship with Hydro-Environmental Technologies, a highly regarded, multi-disciplinary, full-service environmental, health and safety and risk management consulting company. Policyholders have access to timely answers to their questions regarding Environmental Health & Safety (EH&S) issues, regulatory matters and industry best practices effecting day to day business.
Marcel Ricciardelli, Senior Vice President, Allied World U.S. Environmental commented, “These two new additions to our Environmental offering illustrate not only our desire to offer comprehensive products that address critical policyholder coverage needs, but also our commitment to sustaining policyholders and reducing risk.”
About Allied World Assurance Company
Allied World Assurance Company Holdings, AG, through its subsidiaries, is a global provider of innovative property, casualty and specialty insurance and reinsurance solutions, offering superior client service through a global network of offices and branches. All of Allied World’s rated insurance and reinsurance subsidiaries are rated A by A.M. Best Company, A by Standard & Poor’s, and A2 by Moody’s, and our Lloyd’s Syndicate 2232 is rated A+ by Standard & Poor’s and Fitch. Please visit www.awac.com for further information on Allied World.
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Any forward-looking statements made in this press release reflect our current views with respect to future events and financial performance and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements involve risks and uncertainties, which may cause actual results to differ materially from those set forth in these statements. For example, our forward-looking statements could be affected by pricing and policy term trends; increased competition; the impact of acts of terrorism and acts of war; greater frequency or severity of unpredictable catastrophic events; negative rating agency actions; the adequacy of our loss reserves; the company or its subsidiaries becoming subject to significant income taxes in the United States or elsewhere; changes in regulations or tax laws; changes in the availability, cost or quality of reinsurance or retrocessional coverage; adverse general economic conditions; and judicial, legislative, political and other governmental developments, as well as management’s response to these factors, and other factors identified in our filings with the U.S. Securities and Exchange Commission. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date on which they are made. We are under no obligation (and expressly disclaim any such obligation) to update or revise any forward-looking statement that may be made from time to time, whether as a result of new information, future developments or otherwise.
SOURCE Allied World Assurance Company Holdings, AG