To compete in a marketplace flooded with options, environmental-insurance carriers, to better stand out from the pack, are developing new products—built on a growing familiarity with and sophisticated grasp of the unique coverage requirements of specific industry classes.
“There has been innovation toward certain [industry] groups as our understanding of clients and their specialized needs grows,” says Rich Corbett, president of environmental operations in North America for XL Insurance.
Chartis, for example, has launched a relatively new suite of environmental-insurance solutions, called NextGen Protection. Each of the products is designed explicitly for select industries such as healthcare, municipalities, commercial real estate and waste management.
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