A Bermuda holding company American Safety Insurance (ASI) has launched an enhanced version of its Site Pollution Impairment Legal Liability (SPILL) package policy, to cover exposures from sudden and gradual releases of pollutants from insured locations.
ASI Environmental Underwriting vice president Scott Kreuzer said the new coverage is expected to provide value to its brokers and insureds.
The new policy will also cover on-site and off-site clean-up costs, natural resource damages, incidental mold growth, emergency response expense, illicit abandonment of pollutants and non-owned disposal sites (NODS) as well as in-bound and out-bound transportation costs.
Additionally, the policy will include a claim and discovery triggering mechanism, inclusion of new and historical conditions in one form, punitive, or exemplary damages where insurable by law, and contracting services performed by the insured.
The SPILL policy includes a 90 day automatic extended reporting period and provides for a optional extended reporting period.
ASI offers environmental products including, general liability, contractor’s pollution liability and professional liability coverage.