Source: Sirius Group “In-Box”, February 11, 2021

• The insured, a large waste management company, owns and operates a portfolio of disposal facilities and transfer stations. The insured’s expiring environmental carrier offered renewal terms which significantly limited the insured’s expiring coverage. The broker requested a quote from Sirius, seeking both pre-existing and new environmental conditions coverage for all locations in the insured’s portfolio. After review of the submission information, discussions with the insured and client team, Sirius understood the insured’s business and its environmental exposures. Sirius won the business by providing a quote that significantly improved coverage over the expiring program. By investigating the risks, Sirius was able to provide a broad, meaningful environmental coverage program on a three (3) term with $5MM/$8MM limits that omitted prior exclusions, lowered the self-insured retention, and afforded both pre-existing and new environmental conditions coverage for locations in the portfolio that had not previously had pre-existing coverage.
• The insured owns five (5) logistics and warehousing locations. Each property had a history of prior operations with environmental concerns such as manufacturing, petroleum bulk storage, auto repair, and a pumping station. Several properties had on-going regulatory remediation oversight due to historic pollution releases including contaminated urban fill, petroleum and metals impacts, and onsite impacts from offsite sources. A few of the properties would undergo renovation and development during the policy term.  Sirius’ quote won the business from the incumbent insurer by broadening coverage over the expiring insurance program by providing a ten (10) year term (five (5) years new conditions) with $3MM/$3MM limits that afforded coverage for new pollution conditions at these locations based on an understanding of the due diligence and current regulatory status of each property.