Multiline property and casualty insurer Ace Group has launched a new Agriculture Premises Pollution Liability product, which offers limited pollution liability protection in conjunction with its Agribusiness Commercial General Liability policy.
For commercial companies that process and distribute agricultural products, the new product offers pollution-liability protection for sudden and accidental, as well as to gradual environmental liabilities such as pesticides, chemicals, fertilizer and other hazardous materials.
ACE Agriculture senior vice-president Philip Twietmeyer said: "As sophisticated as the commercial agriculture industry is today, environmental risks and regulations have become just as complex, leaving companies susceptible to catastrophic pollution losses.
"In recognition of the need to mitigate emerging pollution exposures, we are pleased to be able to provide our clients and brokers with this new, enhanced admitted coverage for pollution liabilities."
The new product offers minimum premiums starting at $1,500, while limit of liability options include $250,000 per claim/$250,000 aggregate and $500,000 per claim/$500,000 aggregate.
In addition, the product offers first and third party coverages for new pollution conditions on a gradual basis.
ACE noted that the new environmentally-focused product provides insurance and risk management solutions to off-set emerging exposures.
As per the US Department of Agriculture, the agricultural industry added $775.8bn to the US Gross Domestic Product (GDP) in 2012.
Operating in around 54 countries, Ace offers commercial and personal property and casualty insurance, personal accident and supplemental health insurance, reinsurance and life insurance to its customers.
Image: ACE North American headquarters at Philadelphia. Photo: courtesy of William Taufic 2010.