The U.S. pollution legal liability insurance market remains general soft as demand across all industries increased during the first half of 2013.
A new brief from Marsh adds the average limit levels for pollution legal liability (PLL) during the first half of the year decreased across all industries.
However, higher-risk companies are seeking higher limits in 2013, Marsh says.
“Because of legacy risks and new conditions going forward, industries such as manufacturing and chemical require higher limits to cover potential exposures, including mold outbreaks, chemical storage and spills and pollution,” Marsh reports.
Rates went up from some but the market, for the most part, is soft. The impact of Superstorm Sandy, if any, has yet to be realized since claims are still developing, Marsh says.
Carriers continue to seek to reduce aggregate exposures to long-term programs, Marsh adds. Limits increased for annual and multi-year (up to three years) policies. Long-term policies are for up to 10 years.
Marsh says multi-year and long-term policies written before 2011 have cause a decrease in renewals in 2012 and 2013.
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