As standard property or general liability policies don’t cover enough, pollution coverage is increasingly common. Environmental liability insurance is rapidly growing in popularity as exposures have grown beyond the coverage from general liability and standard property policies. Claims relating to pollution and the environment are frequently complex as well as expensive. The complexity and cost relating to issues relating to pollution have sent underwriters to step away from risks relating to pollution. This has left a gap open for environmental liability insurance products to fill. The market in many countries…
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Environmental liability insurance system rejected in Europe
The European insurance and reinsurance federation has decided that compulsory coverage would not be beneficial to consumers. Insurance Europe, the European federation for insurance and reinsurance coverage, customers would not be able to benefit from a compulsory form of environmental liability insurance system, and for that reason, it does not recommend the introduction of that type of program. This federation is made up of thirty four different members across Europe’s national associations. According to a statement from the federation, “An EU-wide compulsory environmental liability insurance system would not benefit customers…
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