Beacon Hill’s President & CEO, Bill Pritchard contributes to an article published by Insurance Business America.
No longer a specialty coverage, environmental insurance is becoming ever more necessary to cover exclusions in general liability policies – and it’s likely cheaper than your clients think
MOLD. EBOLA. Toxic vapors. Fracking. It sounds like the setting of a scary movie, but it’s actually just a glimpse into the murky waters the environmental insurance industry plies on a daily basis.
With 40 or so carriers vying to cover pollution exposures in the US and a robust market capacity of more than $600 million, the environmental insurance sector is a surprisingly stable and competitive marketplace marked by both overcapacity and growing demand, where agents and carriers alike have to fi ght to hold on to their best clients.
Environmental insurance got its start covering superfund-sized site pollution risks and asbestos abatement and containment in the 1970s. It has evolved since then to become less of a specialty coverage and more of a necessary purchase for day-to-day operational risks for all manner of contractors and consultants – both environmental and non-environmental – running the gamut from window installers to hazardous waste cleanup contractors. Read the complete article.