The insurance segment of XL Group unveiled enhanced pollution protection for real estate portfolios.
The coverage provides real estate property portfolios with protection that addresses pollution conditions when they occur or are discovered on a property. The product provides a series of important enhancements that customize the coverage to the unique needs of all types of portfolio holdings.
This new product is aimed toward commercial, retail, industrial, residential and mixed-use portfolio property owners and managers, developer and redevelopers, and real estate investment trusts (REITs).
According to Rich Corbett, President of XL’s Environmental group, “It’s all about preservation – preserving the environment and preserving the value of a property. The last thing a property manager wants to deal with is a fuel spill or other pollution incident that threatens to diminish a property’s value. Our enhanced portfolio policy offers a comprehensive package of coverages and risk management services that enhance environmental stewardship, addressing pollution situations quickly and cost effectively.”
The environmental real estate portfolio policy offers seven basic coverages: first-party discovery and third-party liability for remediation expense; third-party bodily injury, property damage and legal defense expense; contingent transportation; third-party business interruption and diminution of value; natural resources damage; and mold.
Additional coverage enhancements including:
- Blanket Non-owned disposal sites
- Business Interruption and Extra Expenses
- Contractor’s Pollution Liability (CPL) coverage for property management activities
- Disaster Response and Recovery
- Blanket First party transportation
- Excess Indemnity coverage
- Third party Business Interruption, PD And Defense for asbestos containing materials and/or lead-based paint including coverage for remediation expense of inadvertent disturbance
XL’s environmental clients are offered various loss prevention services, as well as a dedicated environmental claims management team. The new portfolio policy is provided XL’s insurance companies, Indian Harbor Insurance Company and Greenwich Insurance Company in the US or XL Insurance Company Limited in Canada.
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