AXA XL adds coverage to environmental policy

AXA XL adds coverage to environmental policy | Insurance Business

AXA XL adds coverage to environmental policy

AXA XL has announced the addition of supplemental coverage to its pollution and remediation legal liability (PARLL) policy in North America.

The supplemental coverage provides added protection to owners, operators, and developers of fixed facilities against loss, remediation expense, and legal defense expense for sudden and gradual pollution conditions.

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AXA XL’s enhanced PARLL policy will now include location and contingent transportation coverage for third-party claims for bodily injury, property damage, and remediation expense that comes from pollution or remediation expense from first-party discovery of a pollution condition. The policy will also cover emergency remediation expense indemnity for remediation expense incurred by the policyholder from a pollution condition.

Additionally, the policy will include coverage for:

  • Disaster response expense for costs incurred to minimize potential harm to a business’s reputation resulting from a pollution condition that has or is likely to result in a media event;
  • Green building materials expense for use of green building materials in the restoration of property damaged because of pollution;
  • Litigation expense indemnity for actual loss of earnings and expenses incurred by a business for attendance at depositions, hearings, arbitrations, mediation, or trials for claims covered under the policy, and;
  • Subpoena expense for legal fees incurred in response to a subpoena served against policyholders.

“Pollution incidents, for any size business, across many different industries, can easily result in a five or six-figure clean up price tag,” said Matt O’Malley, president of AXA XL’s North America environmental business. “That’s why environmental insurance has become more of a staple in businesses’ insurance portfolios. And to make it easier for the growing number of businesses that rely on environmental insurance, we’ve streamlined our underwriting process and updated our policy to offer even more comprehensive coverage.”