Source: http://www.insurancejournal.com, February 3, 2012
XL Group’s insurance segment has launched enhanced pollution protection for real estate portfolios. The product will be available through the segment’s environmental team.
The new product is aimed toward portfolio property owners and managers, developer and redevelopers, and real estate investment trusts (REITs). However, all types of portfolios – commercial, retail, industrial, residential and mixed-use – can benefit from the policy’s flexibility and value.
XL Group’s Environmental Real Estate Portfolio Policy offers seven basic coverages: first-party discovery and third-party liability for remediation expense; third-party bodily injury, property damage and legal defense expense; contingent transportation; third-party business interruption and diminution of value; natural resources damage; and mold.
The policy can also be tailored to add enhancements including blanket non-owned disposal sites, business interruption and extra expenses, contractor’s pollution liability for property management, disaster response and recovery, blanket first-party transportation, excess indemnity, legionella, and third-party business interruption.
“It’s all about preservation – preserving the environment and preserving the value of a property,” said Rich Corbett, president of XL’s environmental group, which is based in Exton, Pa. “The last thing a property manager wants to deal with is a fuel spill or other pollution incident that threatens to diminish a property’s value.”
XL has more than 25 years of experience dealing with environmental cleanups, including choosing cost-effective remediation methods, negotiating with government agencies and managing business interruption claims.
The carrier offers various loss prevention services, as well as a dedicated environmental claims management team. XL Group’s new portfolio policy is provided by its insurance companies, Indian Harbor Insurance Co.and Greenwich Insurance Co. in the United States or XL Insurance Company Limited in Canada.