The Environmental Solutions Division of Chubb Financial Solutions Inc., a wholly owned subsidiary of The Chubb Corporation, has unveiled a Remediation Cost Cap Policy, strengthening its position as a leading environmental liability insurance marketplace.
According to the company, the Remediation Cost Cap Policy provides financial protection when the cost to clean up a Superfund site or other contaminated property exceeds the self-insured retention, which is typically set at 10 percent above estimated cleanup costs. The policy helps protect against remediation cost overruns due to unknown or undiscovered contamination, poor remedial technology performance, regulatory changes and natural disasters. Its introduction follows Chubb’s recent launch of a Collateral Impairment and Environmental Site Liability Policy, which helps protect lenders from financial loss resulting when a loan is in default and the commercial property being used as collateral is contaminated.
The Remediation Cost Cap Policy is expected to appeal especially to potentially responsible parties (PRPs) of Superfund sites as well as companies in the burgeoning power industry.
The Collateral Impairment and Environmental Site Liability Policy is intended to facilitate large transactions by financial institutions that implicate parcels of commercial property.
Chubb Environmental Solutions Division, one of four centers of expertise at Chubb Financial Solutions Inc., helps businesses tackle large-scale environmental exposures and provides coverage underwritten by member insurers of the Chubb Group of Insurance Companies.
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