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In his letter to the editor (BIE Feb. 12), Karl Russek, senior vice president environmental risk at London-based ACE European Group, highlighted the fact that insurance products to cover environmental liabilities are available in Europe.
While moves by ACE and other specialist insurers to address the changing landscape for environmental liabilities, buyers are still left with a large degree of uncertainty over their coverage for pollution exposures.
The Federation of European Risk Management Associations has put considerable efforts into lobbying on behalf of European risk managers at the highest level on this issue. It has been working closely with the Comite Europeen des Assurances in its efforts to ascertain how well-served insurance buyers are by their insurers with regard to environmental exposures.
Buyer and insurer engagement is crucial if clarification on coverage--such as general liability policies or environmental policies--is to be achieved. Resolving the issue will also be advantageous to insurers as it should remove uncertainty over past exposures, as well as opening up a new market going forward.