EXTON, Pa.,--XL Insurance, XL Capital Ltd's global insurance operations, announced the availability of a specialized environmental insurance program that addresses pollution liability and clean-up expenses for U.S. warehouses, storage and distribution facilities.
Underwritten by Greenwich Insurance Company and Indian Harbor Insurance Company, the environmental insurance policy provides coverage for remediation expense, bodily injury and property damage, and legal defense for pollution conditions resulting at or from the insured warehouse or distribution center. Both companies are member insurers of the XL Capital Ltdgroup of companies.
"While environmental incidents tend to be lowfrequency events for businesses, when they do occur they can be high costevents that can severely impact a company's profitability," said RichCorbett, head of XL Insurance's Global Environmental Insurance unit.
"Tasked with storing products that can often posepollution risks, operators of warehouses and distribution centers often payclose attention to the proper storage and handling of possibly harmfulmaterials to prevent such incidents," said Corbett. "Likewise, as aresult of what they have witnessed or read in news reports, warehouse operatorshave a growing concern about the potential pollution conditions that could stemfrom products stored at their facilities if they suffer a catastrophic eventssuch as fire, flood or windstorm."
Common environmental risks faced by warehouses and distribution centers include:
• Spills or leaks during the loading or unloading ofmaterial;
• Contamination as a result of a fire at the facility;
• Waste from on-site vehicle or lift truck maintenance and storage;
• Gradual leaks from material containers stored at the facility.