Specialty re/insurer Beazley has expanded the coverage provided by its environmental liability insurance policy, ECLIPSE, to offer new risk transfer solutions for businesses, landowners, and real estate investors.
ECLIPSE provides environmental liability and pollution clean-up insurance, alongside risk management services that help control pollution risks associated with transactional and operational hazards, transportation, waste disposal and other associated exposures.
Following a review of client needs, Beazley has now broadened the coverage to include blanket pollution liability protection for non-owned locations and warehouses and distribution chains.
Also now included as standard in ECLIPSE is coverage for costs associated with business interruption and crisis response, including fees for public relations support; medical and funeral expenses; psychological counselling; travel or temporary living expenses; and security expenses.
“We have enhanced our flagship environmental liability solution ECLIPSE to offer richer coverage and stronger support to businesses, landowners and commercial property investors in the event of an emergency,” said Jayne Cunningham, Beazley’s environmental focus group leader.
“As well as risk transfer, we want our clients to be able to access the resources they need to deal with a potential crisis associated with the discovery of contamination linked to their site,” she explained.
Beazley’s environmental team transacted more than $100 million in business in 2018.
The expansion of the ECLIPSE offering follows the launch of Beazley’s site lender environmental asset protection (SLEAP) cover in February, which protects banks and other lenders from pollution risks that could impair the value of property used as collateral for commercial loans.