XL : Catlin launches environmental insurance solution in Ireland

Dublin, IrelandMon Jan 9, 2017-

XL Catlin today announced the launch of a new environmental insurance solution in Ireland. The coverage has been tailored to address the Environmental Protection Agency's (EPA) Guidance on Financial Provision for Environmental Liabilities published in October 2015.
A key stipulation of the guidance is that general third party liability policies will not be acceptable as financial provision and instead introduces nine requirements for specialist environmental impairment liability policies to meet. The EPA requires licensed companies, which have financial provision built into their licences to put protections in place to safeguard against the financial impacts of pollution incidents. The financial provision should better protect both the licensee and the public from the fallout of environmental accidents.
Commenting, Simon Harwood-Matthews, Senior Underwriter, Environmental - Insurance said: 'We are very pleased to be able to launch this solution in Ireland, tailoring our coverage to comply with the guidance provided by the EPA last year. The coverage has been designed to address the specific requirements of the guidance, subject to underwriting of the licensee and the licenced activities.'
David Gallagher, XL Catlin's Country Manager, Insurance for Ireland added: 'Pollution incidents are very much a concern in Ireland today. Recently a slurry spill killed over 1,200 fish on the Owentaraglin River, disrupting local angling businesses. Given incidents such as this are still occurring, it's encouraging to see the EPA's guidance takes measures to protect the public from the cost of a major incident and ensures the environment can be remediated in accordance with environmental law. Our coverage responds directly to the guidance and provides licensees with a viable and cost effective method to address the EPA's requirement for financial provisions.'
XL Catlin insurance companies offer property, casualty, professional, financial lines and specialty insurance products globally. Businesses that are moving the world forward choose XL Catlin as their partner. To learn more, visit xlcatlin.com.
About XL Catlin's Insurance Operations
XL Catlin insurance companies offer property, casualty, professional, financial lines and specialty insurance products globally. Businesses that are moving the world forward choose XL Catlin as their partner. To learn more, visit xlcatlin.com.
About XL Catlin
XL Catlin is the global brand used by XL Group Ltd's (NYSE:XL) insurance and reinsurance companies which provide property, casualty, professional and specialty products to industrial, commercial and professional firms, insurance companies and other enterprises throughout the world. Clients look to XL Catlin for answers to their most complex risks and to help move their world forward. To learn more, visit xlcatlin.com.