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Environmental insurance policies are designed to address the various financial losses that can occur from a pollution or contamination incident. These can include:
Environmental insurance is becoming a basic coverage requirement for manufacturers, utilities, property owners, developers, contractors and environmental consultants. As the variety and number of pollution risks increase — and, in many cases, coverage for environmental loss is excluded from, or is restricted by, standard property and casualty policies in regions including the U.S. and Europe — the need for environmental insurance is becoming more important.
More recently, we have seen organizations looking at environmental insurance with a fresh perspective as they consider how insurance products may complement their objectives related to environmental, social and governance (ESG) issues and in response to climate-related risks and losses.
The key to accessing the needed capacity for environmental insurance is understanding the risk and coordinating brokerage teams to get the most out of the market. By engaging in product development and strategically deploying capacity, Aon’s Environmental Risk Solutions team offers a range of exclusive products:
Originally developed in 2008 to provide corporate veil protection for financial institutions and private equity clients, Aon Environmental Edge is a high-capacity coverage to fill the gaps left by subsidiary entities' primary environmental and general liability insurance programs. It has provided global protection for our largest financial institutions’ clients.
Power and utility companies often buy time element and/or named perils pollution coverage on a combined general liability form that may have ambiguities regarding certain aspects of the environmental coverage. Aon Power Wrap provides pollution coverage with clarity and sits differences in conditions/differences in limits to the primary combined form.
Developed specifically for M&A clients, it is a value-creation tool designed to cover third-party bodily injury claims arising from asbestos products post-1980.
The Cantilever product was designed specifically for Class I railroads and provides excess capacity for sudden and accidental pollution above the general liability tower of a railroad client on a quota-share basis.
In addition to continuous investment in new ideas and solutions, clients working with Aon’s Environmental Risk Solutions also benefit from a deep bench of professionals experienced in the areas of environmental engineering, underwriting and claims/litigation support.
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