EXTON, Pa., Feb. 3, 2012 ? /PRNewswire/ ? The insurance segment of XL Group plc (NYSE: XL) today unveiled enhanced pollution protection for real estate portfolios. Available through its Insurance segments Environmental team, XL Groups coverage provides real estate property portfolios with protection that addresses pollution conditions when they occur or are discovered on a property in a real estate portfolio. #xA0;This unique new product offers not only standard portfolio coverage protections, but also provides a series of important enhancements that customize the coverage to the unique needs of all types of portfolio holdings.
This new product is aimed toward Portfolio Property Owners and Managers, Developer and Redevelopers, and Real Estate Investment Trusts (REITs). All types of portfolios #x2013; Commercial, Retail, Industrial, Residential and Mixed-Use #x2013; can benefit from the policys flexibility and value.
According to Rich Corbett, President of XLs Environmental group, Its all about preservation #x2013; preserving the environment and preserving the value of a property. #xA0; The last thing a property manager wants to deal with is a fuel spill or other pollution incident that threatens to diminish a propertys value. #xA0;Our enhanced portfolio policy offers a comprehensive package of coverages and risk management services that enhance environmental stewardship, addressing pollution situations quickly and cost effectively.
Property managers cannot control a tenants every move, but they do need to have the wherewithal to handle an environmental incident. explained Mr. Corbett. #xA0;Our policyholders gain from XLs 25 plus years of experience dealing with the details involved in environmental cleanups ? from choosing cost-effective remediation methods, to negotiating with government agencies, to managing business interruption claims.
XL Groups Environmental Real Estate Portfolio Policy offers seven basic coverages: first-party discovery and third-party liability for remediation expense; third-party bodily injury, property damage and legal defense expense; contingent transportation; third-party business interruption and diminution of value; natural resources damage; and mold.
Importantly, the policy can be further tailored to include a variety of additional coverage enhancements including: #xA0;
- Blanket Non-owned disposal sites
- Business Interruption and Extra Expenses #xA0;
- Contractors Pollution Liability (CPL) coverage for property management activities
- Disaster Response and Recovery
- Blanket First party transportation
- Excess Indemnity coverage
- Third party Business Interruption, PD And Defense for asbestos containing materials and/or lead-based paint including coverage for remediation expense of inadvertent disturbance
XLs environmental clients are offered various loss prevention services, as well as a dedicated environmental claims management team. #xA0;XL Groups new portfolio policy is provided by its insurance companies, Indian Harbor Insurance Company and Greenwich Insurance Company in the US or XL Insurance Company Limited in Canada.
About XLs Insurance Segment
The Insurance segment of XL Group plc offers property, casualty, professional and specialty insurance products globally. Businesses that are moving the world forward choose XL as their partner. To learn more, visit www.xlgroup.com/insurance
About XL Group plc
XL Group plc, through its subsidiaries, is a global insurance and reinsurance company providing property, casualty and specialty products to industrial, commercial and professional firms, insurance companies and other enterprises throughout the world. #xA0; XL is the company clients look to for answers to their most complex risks and to help move their world forward. Its principal offices are located at No.1 Hatch Street Upper, 4th Floor, Dublin 2, Ireland. To learn more, visit www.xlgroup.com
SOURCE XL Group plc