Lloyd’s insurer launches product to cope with strict legislation

Lloyd’s insurer launches product to cope with strict legislation | Insurance Business

Lloyd’s insurer launches product to cope with strict legislation
Lloyd’s insurer Argo International has launched of its new environmental impairment liability product in response to environmental liability legislation for businesses in Australia. Environmental impairment liability encompasses third party liability associated with pollution. Events leading to pollution which can be both sudden and gradual, are covered under the policy.

Argo’s new product, which includes both contractors’ pollution liability and pollution legal liability, has been developed in response to the growing trend towards ever more “stringent” environmental liability legislation for businesses in Australia. 

The new policies will include cover for clean-up of pollution caused by the activities of the insured, clean-up of pollution caused by the mobilisation or exacerbation of in-situ contamination , third party bodily injury and property damage, transportation, and loss of profit / rent.

James Cassidy, general liability underwriter, said: “Our new EIL product has been developed in recognition of the increasing emphasis and increasing need our clients face for coverage to protect against environmental liabilities. Our new product which complements our current suite of general liability products will provide further security for our clients and ensure that they are covered against both traditional and new liabilities.”