Beazley expands coverage offered under market-leading environmental liability policy
Beazley has made significant enhancements to its market-leading environmental liability insurance policy ECLIPSE to offer robust and creative risk transfer solutions for businesses, landowners and real estate investors...
ECLIPSE provides environmental liability and pollution clean-up insurance, alongside risk management services that help control pollution risks associated with transactional and operational hazards, transportation, waste disposal and other associated exposures.
Following a thorough review of the coverage and clients' needs in light of changing regulatory requirements and business practices, Beazley has broadened the coverage to include blanket pollution liability protection for non-owned locations and warehouses and distribution chains.
Also now included as standard in ECLIPSE is coverage for costs associated with business interruption and crisis response. These include:
• Fees for public relations support
• Medical and funeral expenses
• Psychological counselling
• Travel or temporary living expenses
• Security expenses
Jayne Cunningham, Beazley's environmental focus group leader, said: "We have enhanced our flagship environmental liability solution ECLIPSE to offer richer coverage and stronger support to businesses, landowners and commercial property investors in the event of an emergency. As well as risk transfer, we want our clients to be able to access the resources they need to deal with a potential crisis associated with the discovery of contamination linked to their site."
Beazley's rapidly growing environmental team transacted more than $100 million in business in 2018. The relaunch of ECLIPSE follows expansion of the team's product offering in February 2019 with the launch of site lender environmental asset protection (SLEAP) cover to protect banks and other lenders from pollution risks that could impair the value of property used as collateral for commercial loans.