“It’s important to keep in mind that the contract wording varies from insurer to insurer,” says independent agent Bob Reynolds. “As a largely nonstandard line of coverage, the terms and conditions can vary widely.”
In a world where the top five global risks identified by the 2020 World Economic Forum are environment-related, increased exposures and liabilities are setting the market up for a complete evolution.
Demand for environmental liability insurance is on the rise, but lack of experience poses a challenge in a complex market.
As other markets ebb and flow, environmental liability insurance usually remains unaffected—but new exposures may be starting to bubble up from below the surface.
Changes in the environmental liability market means that “exposures can be found in all types of businesses,” says independent agent Bill Braley. “Coverage for environmental exposures has moved well beyond regulatory compliance and obvious pollution expos
Ironshore Environmental’s new product provides an additional option for insureds to broaden their protection for pollution exposure associated with their products and helps fill policy coverage gaps.
Beazley recently made significant enhancements to its market-leading environmental liability insurance policy ECLIPSE to offer robust and creative risk transfer solutions for businesses, landowners and real estate investors.
Beazley’s newest environmental liability product provides lender coverage to protect against environmental issues at a borrower’s real estate on single loans.
With a broad appetite for commercial storage tanks of varying age and construction, Ironshore helps fulfill a market need by offering a solution for harder-to-place tanks.
Independent agent Jack Adams believes the environmental insurance market represents “a tremendous opportunity for agents or brokers,” he says. “New policy sales are slowly increasing, coverage is still not widely understood and insureds are frequently una