Beazley Elements consortium at Lloyd’s, behind the increased amount
Beazley doubles environmental risk capacity to $50m with new Beazley Elements consortium at Lloyd’s.
The firm announced it has increased its capacity for operational and fixed site environmental risks to $50m to cover environmental liabilities of large multi-national companies, an increase that is backed by the Beazley Elements consortium of Lloyd’s insurers.
Beazley’s environmental focus group leader Jayne Cunningham said: “The Lloyd’s market possesses unparalleled expertise and resources to address the most challenging risks confronting large businesses.”
She added: “In recent years, the importance of Lloyd’s as a source of expertise and capacity for large scale environmental exposures has increased significantly. The increased capacity available through the Beazley Elements consortium allows us to develop more solutions for larger businesses that address a wide range of known, and potential, pollution incidents.”
Among the range of environmental risks covered by Beazley are operational coverage for businesses that may face claims for polluting the premises of third parties; professional liability coverage for environmental consultants; protection for ongoing fixed site operations; contractor’s pollution liability; and brownfield site remediation. The coverage is mainly aimed at industries such as manufacturing, industrial, real estate, hospital and educational sectors.