EXTON, Pennsylvania,
April 16, 2015 /PRNewswire/ -- XL
Group's Environmental insurance business has created a new excess
insurance policy providing their clients and brokers in the US and
Canada with a simplified solution
for buying 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 Company and Greenwich
Insurance Company in the US or XL Insurance Company SE in
Canada.
XL Group's Environmental Insurance business helped build today's
environmental insurance market. Nearly three decades later, the
team is still making strides, developing new products, finding new
ways to address our client's environmental risks and delivering our
products and service more efficiently than ever.
About XL Group plc's Insurance Operations
XL Group plc's insurance companies offer property, casualty,
professional and specialty insurance products globally. Businesses
that are moving the world forward choose XL as their partner. To
learn more, visit xlgroup.com/insurance
About XL Group plc
XL Group plc (NYSE: XL), through its subsidiaries, is a global
insurance and reinsurance company providing property, casualty and
specialty products to industrial, commercial and professional
firms, insurance companies and other enterprises throughout the
world. XL is the company clients look to for answers to
their most complex risks and to help move their world forward. To
learn more, visit xlgroup.com
XL Group is the global brand used by XL Group plc's insurance
and reinsurance subsidiaries.
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SOURCE XL Group