XL Insurance has launched an enhanced version of its Pollution and Remediation Legal Liability policy with mold coverage included and expanded protection against natural resources damage and third party transportation risks.
The coverage will be underwritten by XL Insurance companies Greenwich Insurance Company and Indian Harbor Insurance Company.
The Pollution and Remediation Legal Liability (PARLL) policy provides coverage for loss, remediation expense and legal defense for sudden and gradual pollution conditions resulting at or from insured locations.
XL Insurance’s recent enhancements to the policy include built-in mold protection, including first and third party mold discovery; built-in natural resource damage coverage; built-in transportation coverage for waste or products transported by third party carriers; ability to issue state-required financial responsibility forms for regulated underground storage tanks; 90-day automatic extended reporting period; and punitive damages, where allowable by law.
The PARLL family of environmental policies, including this enhanced form, is designed to address the environmental risk management needs of businesses including industrial and commercial real estate, waste management, chemical firms, and property owners and operators.
Rich Corbett, head of global environmental unit at XL Insurance, said: As one of the long standing providers of environmental insurance, XL Insurance’s experience and longevity continues to garner extremely high customer retention rates. It is also this experience and environmental underwriting knowledge that allows us to confidently offer expanded coverage to address our clients’ most complex environmental exposures.