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Environmental Liability Market Still Has Plenty Of Room For Growth

The vast majority of commercial insurance buyers are still taking a pass on the coverage even though rates have fallen to historically low levels for all but the most problematic accounts, players in the field complain.

By Chad Hemenway | Updated on July 18, 2010

While environmental liability underwriters feel they have a much deeper understanding of the exposures they are assuming thanks to more scientific risk assessments, the vast majority of commercial insurance buyers are still taking a pass on the coverage even though rates have fallen to historically low levels for all but the most problematic accounts, players in the field complain.

Whether a high-profile event such as the BP oil spill in the Gulf will awaken more buyers to the need for such coverage remains to be seen, according to these market participants, who warn that many risk managers are underestimating their pollution liabilities.

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