Product created to address increasing UK and European environmental liability requirements
Argo International has launched a new Environmental Impairment Liability product.
The policy covers third-party liability associated primarily with pollution, but also environmental damage. Events leading to pollution which can be both sudden and gradual, are also covered under the policy.
The Lloyd’s insurer and member of Argo Group said the product has been developed to address the increasing environmental liability requirements that legal developments in the UK and Europe have placed on businesses.
General liability underwriter James Cassidy added: “Our new EIL product has been developed in response to the increasing need our clients face for coverage to protect against environmental liabilities.
“Developments such as the EU Environmental Liability Directive highlight the growing emphasis placed at a national and pan-European level, for businesses to insure against new risks arising from environmental and pollution damage.
“Our new product, which complements our current suite of general liability products, will provide further security for our clients and ensure that they are covered against both traditional and new liabilities.”
The new policies will include cover for:
- clean-up of pollution caused by the activities of the insured;
- clean-up of pollution caused by the mobilisation or exacerbation of in-situ contamination;
- third party bodily injury and property damage;
- loss of profit / rent.