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
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SOURCE XL Group