Rich Corbett, head of XL Insurance’s Global Environmental unit, said: “Environmental risks are always a big concern in real estate. An environmental incident can severely impact a property’s value and interrupt business operations. Fortunately, environmental risk management providers, like XL Insurance, can pool decades of environmental management knowledge into developing a program like the Pollution Insurance for Property Owners and Managers which takes a sophisticated and proactive environmental risk management approach to CRE portfolios.”
The program combines pollution insurance, loss prevention services and dedicated environmental claims handling, Mr. Corbett explained.
“We advise clients on what they can do to prevent an environmental incident. In the event that a pollution incident does occur on any property in the portfolio, a portfolio manager not only has the pollution coverage to pay for clean up but is supported by dedicated environmental claims professionals to make sure the situation is handled quickly and economically,” he said.
Pollution Insurance for Property Owners and Managers provides a consolidated suite of coverage endorsements aimed at managing the environmental liability concerns faced by commercial real estate managers. It was developed to help real estate owners and managers protect their cash flow and property asset values; to satisfy corporate, investor and financier requirements; as well as create an efficient acquisition/divestiture process.
Available with liability limits up to $50 million, the Pollution Insurance for Property Owners and Managers is available with XL Insurance’s Pollution and Remediation Legal Liability insurance policy and is underwritten by XL Specialty Insurance Company, Greenwich Insurance Company and Indian Harbor Insurance Company.
About XL Insurance
"XL Insurance" is the global brand used by member insurers of the XL Capital Ltd (NYSE: XL) group of companies. More information about XL Insurance is available at http://www.xlinsurance.com. Through its operating subsidiaries, XL Capital Ltd is a leading provider of global insurance and reinsurance coverage and services to industrial, commercial and professional service firms, insurance companies, and other enterprises on a worldwide basis. More information about XL Capital Ltd is available at www.xlgroup.com.