XL Group’s Environmental insurance business has created a new excess insurance policy to provide clients and brokers in the U.S. and Canada with a simplified way to buy an additional layer of environmental insurance protection. This new excess insurance form supports a consistent coverage approach between the excess layer and the underlying policy.
According to Matt O’Malley, president of XL Group’s North America Environmental team, “For most companies, environmental incidents are low frequency events, but they often carry a hefty price tag including cleanup costs and third-party claims. This new excess policy protects clients with environmental exposures that could lead to a multimillion dollar claim. Excess protection reinforces a company’s environmental stewardship commitment, helping it address the high costs and cleanup of catastrophic pollution events.”
XL Group’s new two-page Environmental Excess Policy provides up to $50 million of additional pollution limits over another insurance carrier’s environmental insurance policy. Coverage can be written over both occurrence and claims made policies.
“We’ve simplified the process of placing excess coverage for our clients and brokers with a much more user-friendly policy form, with limited underwriting conditions and no built in exclusions. This form is easier to read and understand,” said Catherine Cleary, executive underwriter of XL Group’s Environmental business, who helped develop the new form. “Our new follow form is intended to help eliminate potential coverage conflicts and gaps.”
XL Group’s environmental insurance coverage is provided by its insurance companies, Indian Harbor Insurance Co. and Greenwich Insurance Co. in the US or XL Insurance Co. SE in Canada.
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