Pioneer Special Risk has launched a new product for specialty contractors which offers optional expansion of cover to include Incidental Contractors Pollution, a niche segment the firm says is currently underserved within the specialty market.
Specialty contractors are traditionally required to provide this as part of the contractual terms of their clients, within the Specialty Contractor’s Primary CGL Policy.
The enhanced product will be on offer with immediate effect and underwritten by Mary Wiseley, Senior Vice President of Specialty Contractors at Pioneer Special Risk.
Wiseley said the product was developed in response to the increasing demand faced by clients for coverage to protect against incidental pollution.
“The launch of our Incidental Contractor Pollution Coverage has received positive feedback within both the London and US markets. We are excited to be combining the expertise of our specialty contractors and environmental liability teams to deliver the best possible solutions for our clients, ” she said.
Pioneer Specialty Risk said incidental pollution cover is currently an area underserved within the specialty contractors market.
Its extended cover’s applicable insurance limits will be included within the $1 million per occurrence and $2 million general aggregate policy limits for the primary CGL.
Gene Hinman, CEO of Pioneer U.S. said; “There has been growing emphasis placed at state and national levels for businesses to insure against new risks arising from environmental and pollution damage.
“This new product marks a significant milestone in the development of our specialty contractors product. Pioneer Special Risk’s experienced underwriting team now provides the broadest coverage available for specialty contractors.”