XL Catlin Launches Real Estate Environmental Protection Solution in Asia Pacific
Sydney, Australia - June 06, 2017
Today XL Catlin announced the launch of its Real Estate Environmental Protection (REEP) solution in Asia Pacific. The REEP policy is designed to help property portfolio owners, Real Estate Investment Trusts (REITs) and property investors deal with environmental liabilities that may arise as a result of owning or managing property. It offers investors coverage for historic and new pollution conditions, both sudden and accidental as well as gradual pollution. The solution provides a comprehensive range of coverage from statutory clean-up orders, restoration, legal defense costs through to third-party property damage, bodily injury and business interruption. Besides providing standard environmental coverage, the REEP policy also includes enhanced coverage tailored to suit specific requirements. This may include broad definition of named insured, first-party business interruption & extra expenses, fines and penalties (where legally permissible to do so), disaster expense costs, changes in legislation, as well as mold and microbial matter including legionella. Andrew Hookings, Regional Underwriting Manager, Environmental Liability for XL Catlin’s insurance business in Asia Pacific said: “While the “Polluter Pays” principle tends to be enforced, property owners, real estate managers and developers may find themselves liable for issues they had little to do with or knew little about. Clean up and remediation can be highly disruptive, and may cost thousands or millions of dollars. This can be devastating to their businesses. The REEP policy seeks to provide clients with the broad coverage they need to protect their business.”Adias Gerbaud, Head of International Environmental Insurance added: “Pollution incidents are a big concern in the Asia Pacific region today. Environmental exposures have been amplified by increasingly complex regulation, and a heightened awareness among the population who do not want to tolerate damage to the environment. We have seen the introduction of compulsory purchase of Environmental insurance in South Korea, the increase in fines by ten-fold for New South Wales polluters and the Chain of Responsibility widening for polluters in Queensland in recent times. So it’s crucial for property owners and real estate managers to understand the exposures they face, have a comprehensive environmental risk management plan and the right insurance coverage in place to fence off unknown liabilities.”
About XL Catlin’s Insurance OperationsXL Catlin insurance companies offer property, casualty, professional, financial lines and specialty insurance products globally. Businesses that are moving the world forward choose XL Catlin as their partner. To learn more, visit xlcatlin.com.
About XL CatlinXL Catlin is the global brand used by XL Group Ltd’s (NYSE:XL) insurance and reinsurance companies which provide property, casualty, professional and specialty products to industrial, commercial and professional firms, insurance companies and other enterprises throughout the world. Clients look to XL Catlin for answers to their most complex risks and to help move their world forward. To learn more, visit xlcatlin.com.