XL Catlin launches real estate environmental solutionJune 7 2017 by InsuranceAsia News Staff
XL Catlin has launched a policy to help property portfolio owners, real estate investment trusts (Reits) and property investors in Asia Pacific deal with environmental liabilities that may arise as a result of owning or managing property.
The Real Estate Environmental Protection (REEP) solution offers investors coverage for historic and new pollution conditions, both sudden and accidental as well as gradual pollution.
“While the ‘polluter pays’ principle tends to be enforced, property owners, real estate managers and developers may find themselves liable for issues they had little to do with or knew little about,” says Andrew Hookings, regional underwriting manager for environmental liability for XL Catlin in Asia Pacific. “Clean up and remediation can be highly disruptive, and may cost thousands or millions of dollars. This can be devastating to their businesses.”
Besides providing standard environmental coverage, the REEP policy also includes enhanced coverage tailored to suit specific requirements. This may include broad definition of named insured, first-party business interruption and extra expenses, fines and penalties (where legally permissible to do so), disaster expense costs, changes in legislation, as well as mould and microbial matter including legionella.
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