1 / 8

XL Insurance - Environmental Division Northeast Waste Management Officials Association Environmental Workshop March 21st

XL Insurance - Environmental Division Northeast Waste Management Officials Association Environmental Workshop March 21st, 2007 . Jayne Cunningham Vice President XL Environmental. XL Insurance - History.

chickoa
Download Presentation

XL Insurance - Environmental Division Northeast Waste Management Officials Association Environmental Workshop March 21st

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. XL Insurance - Environmental DivisionNortheast Waste Management Officials Association Environmental WorkshopMarch 21st, 2007 Jayne Cunningham Vice President XL Environmental

  2. XL Insurance - History Founded in 1986 by customers for customers, during the most severe liability crisis in insurance history In 2000, purchased ECS giving XL the second largest environmental market. A+ rated Carrier, offering a broad complement of specialty products

  3. XL Environmental • 1979 – Founded as Environmental Compliance Services, Inc. (ECS); based in Exton, PA. Began in the business offering a full range of Environmental Products to Environmental Waste Industry – GL, Auto, WC, Pollution Legal Liability, CPL for Waste Management Companies, Landfills, Waste Water Treatment Plants etc. • 1985 -- MGA for Reliance National. • June 1, 1999 -- $225 Million in premium. Acquired by XL Capital • 2006 – 2nd largest environmental carrier, superior financial rating, reputation for customer service

  4. Insurance Products • Pollution & Remediation Legal Liability (PARLL) • Four-part coverage form to include: • Third-Party Liability: Bodily Injury/Property Damage • Remediation Expense: On-site & Off-site • Legal Defense Expense (within Limits of Liability) • Contingent Transportation

  5. Protection for Lender • Real Estate Lenders Policy (RELP) • Coverage for Lenders – Borrower defaults on loan resulting from Pollution Conditions that require remediation. • Policy covers “Lesser Of” the amount of the outstanding loan balance or the clean-up costs.

  6. Supplementary Product Offerings: Facilities - Environmental • Remediation Stop Loss Policy (RSL) • “Cap” expected remediation costs • Cover property Owners and/or Consultants • Not accepting new business without existing relationship. • Closure / Post Closure (CPC) • Financial mechanism available to government environmental agencies to pay for remediation and/or proper closure of disposal facilities under RCRA. • Not currently accepting new mono-line business submissions or requests.

  7. Coverage Specific to Brownfield Transactions • Pre-existing Conditions: • Unknown contamination issues • Toxic Tort associated with previous Operations • Bodily Injury Associated with Asbestos/Lead • Excess of Indemnity Trigger • New Operations: • Mold Coverage • Bodily Injury arising from Asbestos/Lead • Business Interruption/Loss of Rents

  8. Transactional business demands a coordinated approach… XL’s Institutional Advantages • Integrated group of Underwriters, Risk Control and Claims staff • Long term Staff Tenure, High Retention and Experience • Excellent Ratings of Financial Strength and Claims Paying Ability • Ability to Write Excess Capacity when large limits are necessary • Staff Counsel Reviews PSA’s and Other Contracts • Staff Risk Control Engineers Work Directly with Underwriters • Turn Around Time, as Fast as 1 Day • Insurance products for all parties to the transaction, including Lender

More Related