XL Catlin has announced the release of a new environmental policy.
The Real Estate Environmental Protection (REEP) solution has been launched throughout Asia Pacific and is designed to help property portfolio owners, real estate investment trusts and property investors deal with environmental liabilities.
The policy offers coverage for historic and new pollution conditions, gradual, sudden and accidental pollution, and also provides a comprehensive range of coverage from statutory clean-up orders, restoration, and legal defence costs. In addition, the REEP solution provides third-party property damage cover, bodily injury cover and business interruption.
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Andrew Hookings, regional underwriting manager, environmental liability for XL Catlin’s business in Asia Pacific, said that while the ‘polluter pays’ principle tends to be enforced, many real estate managers and developers could find themselves liable for a range of issues.
“Clean-up and remediation can be highly disruptive, and may cost thousands or millions of dollars,” Hookings said. “This can be devastating to their businesses. The REEP policy seeks to provide clients with the broad coverage they need to protect their business.”
In New South Wales, fines for polluters have increased ten-fold in recent years as the responsibility of polluters continues to widen in Queensland.
Adias Gerbaud, head of international environmental insurance, said that a changing landscape has made pollution incidents a major concern across the region.
“Environmental exposures have been amplified by increasingly complex regulation, and a heightened awareness among the population who do not want to tolerate damage to the environment,” Gerbaud said. “So it’s crucial for property owners and real estate managers to understand the exposures they face, have a comprehensive environmental risk management plan and the right insurance coverage in place to fence off unknown liabilities.”
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