Beazley announced yesterday that it has increased its capacity for operational and fixed site environmental risks to $50 million so that it could better cover the environmental liabilities of multinational companies.
According to a company release, the increased coverage limits are backed by the Beazley Elements consortium of Lloyd’s insurers.
“The Lloyd’s market possesses unparalleled expertise and resources to address the most challenging risks confronting large businesses,” said Beazley environmental focus group leader Jayne Cunningham.
“In recent years, the importance of Lloyd’s as a source of expertise and capacity for large scale environmental exposures has increased significantly. The increased capacity available through the Beazley Elements consortium allows us to develop more solutions for larger businesses that address a wide range of known, and potential, pollution incidents.”
Beazley covers for a variety of environmental risks, such as operational coverage for businesses that could be held responsible for pollution by third parties; professional liability coverage for environmental consultants; protection for ongoing fixed site operations; contractor’s pollution liability; and brownfield site remediation.
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