XL Unveils Enhanced Pollution Protection
The insurance segment of XL Group plc unveiled enhanced pollution protection for real estate portfolios. Available through its Insurance segment’s Environmental team. XL Group’s coverage provides real estate property portfolios with protection that addresses pollution conditions when they occur or are discovered on a property in a real estate portfolio.
This unique new product offers not only standard portfolio coverage protections, but also provides a series of important enhancements that customize the coverage to the unique needs of all types of portfolio holdings.
This new product is aimed toward Portfolio Property Owners and Managers, Developer and Redevelopers, and Real Estate Investment Trusts (REITs). All types of portfolios – Commercial, Retail, Industrial, Residential and Mixed-Use – can benefit from the policy’s flexibility and value.
According to Rich Corbett, President of XL’s Environmental group, “It’s all about preservation – preserving the environment and preserving the value of a property.
“The last thing a property manager wants to deal with is a fuel spill or other pollution incident that threatens to diminish a property’s value. Our enhanced portfolio policy offers a comprehensive package of coverages and risk management services that enhance environmental stewardship, addressing pollution situations quickly and cost effectively.”
“Property managers cannot control a tenant’s every move, but they do need to have the wherewithal to handle an environmental incident.” explained Mr. Corbett.
“Our policyholders gain from XL’s 25 plus years of experience dealing with the details involved in environmental cleanups — from choosing cost-effective remediation methods, to negotiating with government agencies, to managing business interruption claims.”
XL Group’s Environmental Real Estate Portfolio Policy offers seven basic coverages: first-party discovery and third-party liability for remediation expense; third-party bodily injury, property damage and legal defense expense; contingent transportation; third-party business interruption and diminution of value; natural resources damage; and mold.
