Beazley, a Lloyd's of London insurer, has introduced an Environmental Cleanup Costs insurance policy to provide coverage for the brownfield redevelopment community.
Written on a non-admitted basis through Beazley’s syndicates at Lloyd’s, the new policy is designed to safeguard contractors and their customers against additional expenses and cleanup costs incurred during remediation projects.
Beazley environmental liability team senior underwriter James Wilkins said the company has constantly been asked by many customers to support their brownfield strategy.
Available nation-wide, the policy primarily targets brownfield projects where the remediation budget ranges from $3 to $10m, on 10 contiguous acres or less.
The policy offers stop loss protection to cap costs for known pollution conditions due to expenses that exceed a pre-determined budget.
Beazley is the parent company of specialist insurance businesses with operations in Europe, the US, Asia and Australia.