AXA XL said that its North American environmental business has enhanced its Pollution and Remediation Legal Liability (PARLL) policy through the addition of supplemental coverage.
Image: AXA XL adds improved protection to environmental insurance coverage in North America. Photo: courtesy of Ralf Vetterle/Pixabay.
According to AXA XL, the PARLL policy provides protection to owners, developers and operators of fixed facilities from loss, legal defense expense, and remediation expense for unexpected and also gradual pollution conditions.
The enhanced environmental insurance policy includes location coverage for third-party claims for bodily injury, property damage and remediation expense emerging from a pollution condition or remediation expense arising from first-party discovery of a pollution condition.
The PARLL policy also covers emergency remediation expense indemnity for remediation expense borne by the insured on an emergency basis due to a pollution condition.
Apart from that, the policy covers contingent transportation for third-party claims and non-owned disposal sites for third-party claims, resulting from pollution conditions.
AXA XL said that the policy comes with newly added supplemental coverage which offer limits of liability separate from and in addition to the total limits given under the policy with no self-insured retention. Included in these are disaster response expense, green building materials expense, litigation expense indemnity and subpoena expense.
AXA XL North America Environmental business president Matt O’Malley said: “Pollution incidents, for any size business, across many different industries, can easily result in a five or six-figure clean up price tag. That’s why environmental insurance has become more of a staple in businesses’ insurance portfolios.
“And to make it easier for the growing number of businesses that rely on environmental insurance, we’ve streamlined our underwriting process and updated our policy to offer even more comprehensive coverage.”
AXA XL, which is a subsidiary of French insurance giant AXA, offers insurance and risk management products and services for mid-sized firms through to large multinationals, and reinsurance solutions to insurance companies across the world.
It was formed following the $15.3bn (£12.16bn) merger of AXA with Bermuda-based insurance and reinsurance company XL Group to focus on large P&C commercial lines and specialty risks. AXA XL is made up of the former XL Group operations, AXA Corporate Solutions and AXA Art with its services further divided into three key lines, namely XL Insurance, XL Risk Consulting and XL Reinsurance.