The standard rap on Environmental insurance is that organizations only purchase it when they have to—required either by regulatory bodies or lenders to secure the coverage. That, in fact, was precisely the assessment of the line recently conveyed to PC360-NU by the chief underwriting officer at a top Pollution carrier.
But it’s a different story for at least some of the clients of Marsh, the dominant Environmental brokerage. “I can see why [that] perception would be there, but it’s a dated statement” that insureds rarely make discretionary buys, says Chris Smy, managing director and global practice leader for Marsh’s Environmental practice. “A lot of organizations now are focusing on the potential for their operations to cause environmental damage and on their potential to experience loss—and they are proactively managing that using insurance.”
One of the secrets in getting its clients to consider their Environmental exposures is the way Marsh handles the delicate conversation around the “P” word: Pollution.
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