XL Catlin announced the launch of a new environmental insurance solution in Ireland, which is tailored to address the Environmental Protection Agency’s (EPA) Guidance on Financial Provision for Environmental Liabilities.
A key stipulation of the guidance, published in October 2015, is that general third party liability policies will not be acceptable as financial provision and instead introduces nine requirements for specialist environmental impairment liability policies, XL Catlin explained in a statement.
The EPA requires licensed companies, which have financial provision built into their licenses, to put protections in place to safeguard against the financial impacts of pollution incidents, added the statement, noting that the financial provision is designed to better protect both the licensee and the public from the fallout of environmental accidents.
“We are very pleased to be able to launch this solution in Ireland, tailoring our coverage to comply with the guidance provided by the EPA last year,” said Simon Harwood-Matthews, senior underwriter, Environmental – Insurance.
“The coverage has been designed to address the specific requirements of the guidance, subject to underwriting of the licensee and the licensed activities,” he added.
“Pollution incidents are very much a concern in Ireland today. Recently a slurry spill killed over 1,200 fish on the Owentaraglin River, disrupting local angling businesses,” commented David Gallagher, XL Catlin’s country manager, Insurance, for Ireland.
“Given incidents such as this are still occurring, it’s encouraging to see the EPA’s guidance takes measures to protect the public from the cost of a major incident and ensures the environment can be remediated in accordance with environmental law,” Gallagher continued. “Our coverage responds directly to the guidance and provides licensees with a viable and cost effective method to address the EPA’s requirement for financial provisions.”
Source: XL Catlin