Everest Insurance recently launched an environmental site pollution form which includes coverage for both on- and off-site bodily injury, property damage and cleanup costs.
PRODUCT: ESP™
COMPANY: Everest Insurance
BEST RATING: A+ (Superior), size XV
AVAILABILITY: Coverage is available through Everest-appointed agents and brokers.
FOCUS: Everest Insurance has offered environmental insurance products for more than 10 years. But when the company noticed something missing from its repertoire, it wanted to round out its environmental product offerings.
Everest hired two team members with specific monoline site pollution coverage experience to launch a new environmental site pollution form (ESP™): a menu-driven form which includes coverage for both on- and off-site bodily injury, property damage and cleanup costs, which could apply to either new or unknown pre-existing conditions.
“This product provides our brokers with the final piece of product offering for environment coverage,” says Tom Barrett, director of environmental department at Everest Insurance, who adds that the policy also broadens the definition of “pollutant.”
ESP™ is just one offering within a broad array of products in Everest’s environmental division. Additional products include general liability, contractors pollution liability, professional liability, products pollution liability, transportation pollution liability, auto liability and workers compensation for contractors, consultants and manufacturers.
But environmental insurance protection still tends to be a discretionary purchase—unlike GL, workers comp or auto, which involve contractual or legal requirements. “The better we can help educate our clients on what their exposures are and where they’re currently uninsured or underinsured, the better they can understand those policies and the protections they provide,” Barrett says.
UNDERWRITING: Maximum limits up to $10 million with deductible options starting at $2,500. Completed Everest site application and associated environmental reports are required, depending on necessary coverages. Coverage enhancements include non-owned location pollution liability, transportation pollution liability and business interruption expenses.
MINIMUM PREMIUM: $10,000.
TARGET: Manufacturing facilities, strip malls, office buildings, self-storage facilities, warehousing facilities, recreational facilities, schools and universities.
COVERAGE TERRITORY: All 50 U.S. states.
CONTACT: Tom Barrett, director of environmental; Everest Insurance, 477 Martinsville Road, Liberty Corner, NJ 07938; 908-604-7029.
Ronimarie Acord is an IA contributor.
