Beazley Launches Environmental Cleanup Costs Insurance
Specialized policy - unique in the industry - supports the US brownfield
ATLANTA, Jan. 22, 2013
ATLANTA, Jan.22, 2013 /PRNewswire/ -- Beazley plc (BEZ.L) has expanded its
environmental products offering with the launch of an Environmental Cleanup
Costs insurance policy that provides coverage for cost overruns for
remediation of known conditions at covered locations.
The product, written on a non-admitted basis through Beazley's syndicates at
Lloyd's, is available nationwide and protects contractors and their clients
against additional expenses and cleanup costs incurred during remediation
projects. The policy provides "stop loss" protection to cap costs for known
pollution conditions due to expenses that exceed a pre-determined budget. It
is designed primarily for brownfield projects where the remediation budget is
from $3 to $10 million, on 10 contiguous acres or less.
"Many site owners, investors and property redevelopers desire financial
certainty when dealing with contamination and remediation issues and want to
work with contractors who can provide a guaranteed, fixed-price remediation
solution. With an improving economy leading to more project opportunities, the
right pollution coverage is vital," said James Wilkins, senior underwriter on
Beazley's environmental liability team, who is also a professional geologist
and former environmental consultant/engineer.
A brownfield site is former industrial or commercial property that may
continue to harbour hazardous substances, pollutants or contaminants.
Environmental contractors who clean up these properties are reducing blight,
and taking development pressures off unimpaired green space and working lands.
"As a leading underwriter of liability coverage for many of the top
engineering and environmental firms, we have been approached by many clients
asking us to support their brownfield strategy. Cleanup of brownfield sites
offers an alternative to the destruction of green space for redevelopment and
construction projects, while affording greater opportunity for the
environmental consultants we insure," said Wilkins.
Note to editors:
Beazley plc (BEZ.L), is the parent company of specialist insurance businesses
with operations in Europe, the US, Asia and Australia. Beazley manages five
Lloyd's syndicates and, in 2011, underwrote gross premiums worldwide of
$1,712.5 million. All Lloyd's syndicates are rated A by A.M. Best.
Beazley's underwriters in the United States focus on writing a range of
specialist insurance products. In the admitted market, coverage is provided
by Beazley Insurance Company, Inc., an A.M. Best A rated carrier licensed in
all 50 states. In the surplus lines market, coverage is provided by the
Beazley syndicates at Lloyd's.
Beazley is a market leader in many of its chosen lines, whichinclude
professional indemnity, property, marine, reinsurance, accident and life, and
political risks and contingency business.
For more information please go to: www.beazley.com
SOURCE Beazley plc
Contact: James Wilkins, Beazley Group, +1-770-576-1517
Press spacebar to pause and continue. Press esc to stop.