Every account has a pollution exposure, making environmental insurance, also known as pollution liability, a billion-dollar sector with numerous prospects.
Discussing environmental solutions that can successfully manage these exposures will give your customer broader coverage, showcase the professionalism of your agency, aid in securing future renewals, and increase revenue on your accounts.
The market for environmental insurance companies is stronger than it has ever been as we watch the economy pick up steam. Accounts for manufacturing, recycling, construction, waste disposal, and renewable energy have increased significantly. Businesses are starting to grow to cover the voids left by the pandemic slowdown, thus it’s crucial to be mindful of environmental exposures.
Insurance experts are developing a fresh perspective on coverage as a result of disruptions in the American labor force and supply chain, as well as increased awareness of environmental catastrophes and their effects.
Policies for healthcare facilities, educational institutions, real estate entities, and many more entities are a few examples of sector-specific policies.
Environmental policies over indemnifications, policies that facilitate transactions, policies that are excess over other environmental carrier forms to obtain additional limits, and policies that combine General Liability and environmental forms to reduce coverage gaps, overlaps, and coverage disputes are examples of policies designed to respond to specific situations.
Policies for job sites and projects can encompass any project a contractor or professional works on throughout the year, as well as more specialized project types like restoration or green projects.
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What do Environmental Insurance Companies do?
Companies offering environmental insurance provide solutions to all sizes of enterprises. They offer protection against loss or damage brought on by unanticipated releases of pollutants that are normally excluded from coverage under general liability and property insurance policies.
They give the client a thorough breakdown of their exposures along with a customized Environmental and General Liability Exposures (EAGLE) Program to meet their particular requirements.
These businesses sell insurance for the environment. These goods have been created for several large market sectors, such as site owners/operators, contractors & consultants, storage tanks, property transfer and lender liability, transportation waste and materials, product pollution, and manufacturing risks.
Benefits of Environmental Insurance Companies
- To manage risk, reduce environmental losses, carry out loss control, and improve emergency responses, environmental insurance companies have unique access to market-leading tools and programs.
- If your firm might be engaged in any hazardous waste emissions or exposure, it’s a good idea to think about having an environmental insurance company because other types of liability insurance do not offer this type of coverage.
- Environmental insurance businesses assist in creating plans for specific situations. (For instance, worries about a contractor relocating existing contaminants).
- Assist in managing numerous environmental claims that fall outside the scope of public liability insurance.
Top 6 Environmental Insurance Companies for You
Here is a list of the top environmental insurance companies you can work with
- American International Group, Inc. (AIG)
- AXA XL
- Allianz Global Corporate & Specialty
- Great American Insurance Group
- Sompo International
- Beacon Hill Associates
1. American International Group, Inc. (AIG)
Leading international insurance company American International Group, Inc. (AIG) has customers in over 70 countries and jurisdictions that can access a variety of property casualty insurance, life insurance, retirement solutions, and other financial services from AIG member firms.
These varied solutions include goods and services that support asset protection, risk management, and retirement security for both enterprises and individuals. The New York Shares Exchange lists the common shares of AIG.
AIG has provided large and small businesses with environmental insurance solutions for almost 40 years. With the help of innovative underwriting teams with 35+ years of expertise in 14 U.S. locations, they have demonstrated awareness of clients’ demands for environmental-specific risk management.
Their in-house engineers, who each have an average of more than 15 years of expertise in insurance and environmental consulting, evaluate their risk management programs.
Companies today require adaptable solutions and hands-on assistance in the event of a pollution disaster, and the available round-the-clock emergency response and crisis management services can contribute to more effective cleanup and rehabilitation.
To manage risk, reduce environmental losses, carry out loss management, and improve emergency responses, AIG offers you exclusive access to programs and solutions that are at the top in their respective markets.
Their creative underwriting team has more than 35 years of combined experience, and they offer crisis management and 24/7 emergency response in 215+ countries and jurisdictions, making them one of the largest worldwide networks.
2. AXA XL
To assist you in controlling your environmental risks and preserving your bottom line, AXA XL provides thorough pollution coverages, professional risk advisory services, and specialist claims handling.
- Expertise: Comprehensive and specialized knowledge throughout our dedicated underwriting, risk counseling, and claims processing teams.
- Innovation: Developed some of the first pollution insurance policies.
- Experience: Over 30 years in the niche environmental insurance industry.
- Their goal is to offer their clients top-notch risk management help.
- By collaborating with clients to manage risk and improve loss control systems, they assist in reducing the frequency and/or severity of losses.
- To detect and reduce risks, they anticipate and investigate exposures.
- Multinational relationships and locations enable them to provide their clients across the world with timely and reliable expertise.
Unique characteristics of their strategy for handling environmental claims:
- Environmental specialists with experience managing site investigation, delineation, and remediation projects and a demonstrated track record of containing remediation costs.
- In-house claims specialists with 20+ years of experience and backgrounds in environmental insurance, claims, law, and science.
- For clients who are insured, diligent account management fosters close connections between claims specialists and risk managers/general counsel.
- Greater efficiency in claims resolution and policy interpretation is made possible through integrated connections with underwriting and risk consulting teams.
- Proactive management of litigated claims and actions related to pollution response.
The P&C and specialty risk branch of AXA, famed for managing even the most challenging situations, is called AXA XL. They provide traditional and cutting-edge insurance solutions and services to mid-sized businesses and the largest multinational corporations in more than 200 countries and territories.
They will be there, no matter what course your company is taking in these complex and interesting times. Anytime and anywhere you need them.
3. Allianz Global Corporate & Specialty
Their goal as a pioneer in the insurance and financial services sector is to go from being a responsible business in and of itself to becoming a significant force in assisting other companies in addressing their environmental, social, and governance (ESG) and sustainability risk management challenges.
As a pioneer in the insurance and financial services sectors, Allianz contributes to society while assisting in risk mitigation for individuals, businesses, and assets.
Their goal is to transition from being a responsible business in and of ourselves to a driving force in assisting other companies in addressing their environmental, social, and governance (ESG) and sustainability risk management issues.
Allianz Global Corporate & Specialty (AGCS), the Allianz Group’s worldwide corporate insurer carrier, fully supports the sustainability agenda of the Allianz Group.
They are dedicated to sustainably operating their company, minimizing their impact on the environment, and promoting inclusiveness, diversity, and well-being both inside their company and in society at large.
In addition, they collaborate closely with partners and clients, who are frequently global large organizations, to advance the transition to a net-zero economy and address the expanding significance of environmental, social, and governance (ESG) issues in risk management.
Their goal at AGCS is to integrate sustainability into every aspect of what we do.
4. Great American Insurance Group
Since 2008, they have offered organizations environmental insurance solutions that help them effectively and efficiently manage risks that could jeopardize their ability to make ends meet.
Learn how their essential products and services can assist to keep you safe so you can concentrate on what matters: maintaining the health of your company, which will support long-term financial stability.
They understand the necessity for an exclusive focus on the efficient management of pollution hazards that might affect the success of a wide variety of business customers because they are one of the few carriers serving the environmental industry for such a long time.
Learn how their full range of environmental insurance products, including contractor’s and fixed premises pollution liability insurance, may help you identify hidden hazards in your operations and create a specialized, comprehensive program that helps protect:
- Manufacturers and distributors
- Waste Management and disposal facilities
- Residential and commercial facilities
- Municipalities and utilities
- Redevelopment sites and brownfields
- And more
They have the technical know-how and responsiveness you need to provide thorough risk management thanks to our dedicated environmental claims processing unit and national network of emergency response companies, cleanup contractors, and environmental lawyers.
5. Sompo International
By impacting their assets and development projects, current and emerging situations can expose businesses of all sizes to consider environmental risks. Environmental insurance products made to order by Sompo International offer operational and financial stability.
Sompo International offers the know-how to provide sophisticated and specialized solutions for their client’s environmental risks thanks to a collaborative approach, empowered underwriters, and outstanding client service.
With years of experience in the sectors they serve, their committed underwriters, loss control, and claims specialists bring a wealth of knowledge to each account.
With a focus on construction, development projects, and operational exposures, their North America Environmental team offers risk transfer solutions for environmental and professional exposures.
6. Beacon Hill Associates
Since 1990, Beacon Hill Associates, a division of Specialty Program Group, LLC has been a market pioneer in offering environmental liability insurance. They take pleasure in quickly and effectively providing their agents and brokers with suitable coverage from top providers.
Even though they focus primarily on environmental business, they also collaborate with agencies on other technically challenging specialty coverages. With the top insurance carriers in the market, Beacon Hill Associates has over 30 years of experience assisting their agents in placing the most advantageous coverage.
Beacon Hill is uniquely positioned to help agents assess their client’s needs, discover suitable coverage options to consider and provide the resources essential to help the agent sell the coverage because it focuses solely on environmental and energy-related risks and coverages.
Beacon Hill Associates, Inc. is committed to providing reliable protection from reputable insurance providers. To give their agents a genuinely great experience when getting environmental coverage, they are constantly assessing and upgrading their processes.
They aim to provide value to your accounts by making wise recommendations based on their knowledge of the environmental insurance sector, procuring options for you to offer your clients, and collaborating with reliable carriers who can assist in securing the best coverage for your insureds.
It is crucial to get business insurance through an environmental insurance provider so that loss or damage arising from unanticipated releases of pollutants, which are often excluded in ordinary liability and property insurance plans, can be covered.
Typically, claims for bodily injury, property damage, cleanup expenses, and business interruption are made against insureds in order to obtain compensation for losses or damages covered by environmental insurance.
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A passion-driven environmentalist by heart. Lead content writer at EnvironmentGo.
I strive to educate the public about the environment and its problems.
It has always been about nature, we ought to protect not destroy.