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Jayne Cunningham Vice President XL Environmental

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

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Jayne Cunningham Vice President XL Environmental

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  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

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