Responding to increased global concern about the impacts and risk from pollution, one of the world’s leading specialist underwriters, Liberty International Underwriters (LIU), a division of Liberty Mutual Group, has launched two new Environmental Impairment Liability Insurance products in the Asia Pacific Region.
Commenting on the new Fixed Site Pollution Liability and Contractor’s Pollution Liability Coverages, Noel MacCarthy, Executive Vice President, Asia Pacific, said that the new product line was developed to help clients manage the risks caused by an increased focus on environmental issues around the globe.
“Companies are responding to the focus on environmental issues from government regulatory agencies, NGO’s and communities,” he said, “In this day and age, companies are becoming more socially and environmentally responsible. Part of any planned comprehensive response to environmental and sustainability issues is quality insurance that protects the company, its shareholders and other stakeholders from the costs of pollution related claims.”
“These environmental risks are becoming more and more complicated. As a specialist underwriter with local presence in Asia Pacific, we have leveraged our global knowledge and environmental expertise to develop this product line as a solution to help our clients,” Mr MacCarthy said.
The Fixed Site Pollution Liability Coverage is a third party liability policy which protects the insured from covered claims arising out of pollution conditions at an owned or operated site. This policy covers claims of bodily injury, property damage and cleanup expense from third parties. It helps protect the assets of a company by filling gaps that may exist in their general liability policies.
LIU’s Contractor’s Pollution Liability Coverage is a third party liability policy which protects a contractor from pollution claims arising out of covered activities at a project site. It also covers claims of bodily injury, property damage and cleanup expenses at designated locations.
“These products are offered by all of LIU’s Asia Pacific offices to many of the big industrial and resources businesses that are so important in this region,” says Mr MacCarthy.
He says that companies involved in chemical manufacturing, blending and distribution; mining; bulk storage; operating industrial facilities; landfills; water treatment plants; waste treatment and/or storage facilities can all expect significant risk mitigation benefits from LIU’s new product.
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