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Sompo International Holdings Ltd. said Wednesday it is launching a new U.S. insurance environmental unit.
The Pembroke, Bermuda-based insurer said the unit will provide contractors professional and pollution liability coverage for environmental professionals and consultants, specialty and trade contractors, general contractors and construction managers.
Up to $25 million in limits is available, according to a spokeswoman.
Sompo’s statement said Jessica Huhn-Kenzik, who recently joined Sompo as senior vice president and is based in Conshohocken, Pennsylvania, will lead the unit.
Sompo Japan Nipponkoa Insurance Inc. plans to launch a flood insurance policy for businesses that pays out on the same day sensors detect a specified degree of flooding, Asia Insurance Review reports citing Nikkei Asian Review. The policy, which will be introduced earliest by March 2020, will offer fixed premiums and payouts.