PRODUCT: Beazley Enviro Covered Location Insurance Policy: Site Environmental (ECLIPSE)
COMPANIES: Beazley
BEST RATING: A (Excellent)
AVAILABILITY: Coverage is available through Beazley-appointed brokers.
FOCUS: 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.
ECLIPSE provides environmental liability and pollution clean-up insurance, alongside risk management services that help control pollution risks associated with transactional and operational hazards, transportation, waste disposal and other associated exposures.
Beazley’s rapidly growing environmental team transacted more than $100 million in business in 2018. The relaunch of ECLIPSE follows expansion of the team’s product offering in February 2019 with the launch of the Site Lender Environmental Asset Protection policy to protect banks and other lenders from pollution risks that could impair the value of property used as collateral for commercial loans.
COVERAGE DETAILS: The base form provides comprehensive coverage developed to help insureds mitigate damages and loss resulting from claims for bodily injury, property damage, cleanup and the destruction of natural resources due to pollution conditions on, at, under or migrating from a covered location.
Definition of “pollution condition” includes medical infectious and pathological waste, low-level radioactive waste and material, Legionella and microbial matter, such as fungus or mold. Definition of “cleanup costs” includes restoration costs and allows for participation in voluntary cleanup programs.
Definition of “bodily injury” includes medical monitoring, mental anguish and emotional distress. Definition of “property damage” includes diminished value and natural resource damage.
Following a thorough review of the coverage and clients’ needs in light of changing regulatory requirements and business practices, Beazley broadened coverage to include blanket pollution liability protection for non-owned locations and warehouses and distribution chains.
Also now included standard is coverage for costs associated with business interruption and crisis response, including:
- Fees for public relations support
- Medical and funeral expenses
- Psychological counselling
- Travel or temporary living expenses
- Security expenses
Environmental liability coverage enhancements are also available, such as coverage for underground storage tanks, lead-based paint and asbestos, loss of rental or tenant income, incidental contractors pollution liability, and more.
UNDERWRITING: Limits up to $25 million. Beazley’s goal is to provide robust coverage without an onerous underwriting process. Site information including Phase I reports can be helpful for providing background about a site, its history and its current operations.
MINIMUM PREMIUM: Attractive minimum premiums are available regardless of size.
TARGET: A wide range of risks, including but not limited to habitational; commercial; retail; agricultural; golf courses, resorts and recreation; warehousing and distribution; educational; health care; landfills; recycling; treatment, storage and disposal facilities; transportation; rail yards; manufacturing; industrial; storage tanks; chemical; municipalities; Department of Defense; and Department of Energy.
“In today’s world, nearly every commercial and institutional entity has a pollution exposure,” points out Nathaniel Martin, environmental underwriter, Beazley.
COVERAGE TERRITORY: All 50 U.S. states.
CONTACT: Nathaniel Martin, environmental underwriter, Beazley; 212-801-7177.
Jacquelyn Connelly is IA senior editor.
