Ironshore Environmental is expanding its industry SPILLS program to the real estate sector, offering blanket coverage for all owned and leased residential and commercial properties without the need to schedule properties.
The policy includes comprehensive coverage for remediation expenses, emergency response expenses, bodily injury, property damage and business interruption expenses. Policy limits are available from $1 million and up to $50 million.
SPILLS Real Estate program enhancements include up to 100 percent of defense costs in addition to and excess of policy limits and automatic acquisition coverage for newly acquired and leased property locations. The coverage is intended to significantly decrease the volume of mid-term servicing requests and correspondence. Additional enhancements include disinfection expenses, evacuation expenses, contingent business interruption, first party diminution in value and blanket bodily injury and property damage coverage for divested properties and a broad definition of pollutants, including mold, legionella and meth lab chemicals. Disinfection expenses associated with bacteria and virus, including MRSA and Ebola, are also covered.
Ironshore Environmental introduced its SPILLS insurance program in 2009 as a suite of asset class-specific coverage protection for high profile global industry sectors. Ironshore SPILLS has since been customized to address and respond to the characteristic environmental risk exposures for the hospitality, healthcare, education and oil & gas sectors.
Ironshore provides broker-sourced specialty property and casualty insurance coverages for varying risks located throughout the world. Select specialty coverages are underwritten at Lloyd’s through Ironshore’s Pembroke Syndicate 4000.