Once in the realm of niche coverages requiring a lot of education and persuasion to get buyers interested, Environmental policies are now in high demand by a wide audience. Part of that is attributable to progress in the economic recovery, as more construction and development leads to a greater number of risks to insure.
But experts say it's not just an increase in the sheer number of projects: A greater percentage of clients are showing interest in Environmental cover as pricing remains favorable, and as insureds gain a better understanding of their exposures to potential loss.
"We're seeing more traction," says Louis G. Fey Jr., vice president of risk management for BancorpSouth Insurance Services in Baton Rouge, La. Clients, he says, are "starting to realize claims happen that are not covered [under General Liability policies]. And that's the way the industry tends to learn — the hard way."
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