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XL Insurance - Environmental Division Northeast Waste Management Officials Association Environmental Workshop March 21st, 2007. Jayne Cunningham Vice President XL Environmental. XL Insurance - History.

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XL Insurance - Environmental DivisionNortheast Waste Management Officials Association Environmental WorkshopMarch 21st, 2007

Jayne Cunningham

Vice President

XL Environmental

Xl insurance history

XL Insurance - History

Founded in 1986 by customers for customers, during the most severe liability crisis in insurance history

In 2000, purchased ECS giving XL the second largest environmental market.

A+ rated Carrier, offering a broad complement of specialty products

Xl environmental
XL Environmental

  • 1979 – Founded as Environmental Compliance Services, Inc. (ECS); based in Exton, PA. Began in the business offering a full range of Environmental Products to Environmental Waste Industry – GL, Auto, WC, Pollution Legal Liability, CPL for Waste Management Companies, Landfills, Waste Water Treatment Plants etc.

  • 1985 -- MGA for Reliance National.

  • June 1, 1999 -- $225 Million in premium. Acquired by XL Capital

  • 2006 – 2nd largest environmental carrier, superior financial rating, reputation for customer service

Insurance products
Insurance Products

  • Pollution & Remediation Legal Liability (PARLL)

    • Four-part coverage form to include:

      • Third-Party Liability: Bodily Injury/Property Damage

      • Remediation Expense: On-site & Off-site

      • Legal Defense Expense (within Limits of Liability)

      • Contingent Transportation

Protection for lender
Protection for Lender

  • Real Estate Lenders Policy (RELP)

    • Coverage for Lenders – Borrower defaults on loan resulting from Pollution Conditions that require remediation.

    • Policy covers “Lesser Of” the amount of the outstanding loan balance or the clean-up costs.

Supplementary product offerings facilities environmental
Supplementary Product Offerings: Facilities - Environmental

  • Remediation Stop Loss Policy (RSL)

    • “Cap” expected remediation costs

    • Cover property Owners and/or Consultants

    • Not accepting new business without existing relationship.

  • Closure / Post Closure (CPC)

    • Financial mechanism available to government environmental agencies to pay for remediation and/or proper closure of disposal facilities under RCRA.

    • Not currently accepting new mono-line business submissions or requests.

Coverage specific to brownfield transactions
Coverage Specific to Brownfield Transactions

  • Pre-existing Conditions:

    • Unknown contamination issues

    • Toxic Tort associated with previous Operations

    • Bodily Injury Associated with Asbestos/Lead

    • Excess of Indemnity Trigger

  • New Operations:

    • Mold Coverage

    • Bodily Injury arising from Asbestos/Lead

    • Business Interruption/Loss of Rents

Transactional business demands a coordinated approach
Transactional business demands a coordinated approach…

XL’s Institutional Advantages

  • Integrated group of Underwriters, Risk Control and Claims staff

  • Long term Staff Tenure, High Retention and Experience

  • Excellent Ratings of Financial Strength and Claims Paying Ability

  • Ability to Write Excess Capacity when large limits are necessary

  • Staff Counsel Reviews PSA’s and Other Contracts

  • Staff Risk Control Engineers Work Directly with Underwriters

  • Turn Around Time, as Fast as 1 Day

  • Insurance products for all parties to the transaction, including Lender