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XL offers environmental excess policy for U.S., Canada

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XL Group P.L.C. has launched an environmental excess insurance policy for customers in the United States and Canada, the insurer said Thursday.

The policy, which provides additional pollution limits of up to $50 million over another insurer’s environmental policy, can be written over both occurrence and claims-made policies, XL said in a statement.

XL also said the follow form includes limited underwriting conditions and has no built-in exclusions.

Coverage is provided by XL’s Indian Harbor Insurance Co. and Greenwich Insurance Co. in the United States, and by XL Insurance Co. S.E. in Canada, according to the statement.

“For most companies, environmental incidents are low-frequency events, but they often carry a hefty price tag including cleanup costs and third-party claims,” Matt O’Malley, president of XL’s North America environmental team, said in the statement. “This new excess policy protects clients with environmental exposures that could lead to a multimillion-dollar claim.”