XL Insurance this week launched pollution insurance coverage for the North American food and beverage industry, which will provide environmental liability, clean up and disaster response in the event of loss.
The new tailored solutions will cover events such as chemical spills and contamination, which can be costly and significant sources of disruption for the industry. Such events have the potential to affect not only the finances of food and beverage firms, but also their reputation.
As Matthew O’Malley, president of XL Group’s North America Environmental business explained: “given some very high-profile contamination and recall cases in the news, we've worked hard to develop a policy that carefully addresses the environmental issues and expense concerns that can keep food and beverage company executives up at night," explained O’Malley. "The result is a coverage more tailored and applicable to the real risks that can cause problems in their operation or harm their bottom line."
The company’s environmental food and beverage policy builds upon XL’s existing pollution and remediation legal liability coverage, extending financial protection for bodily injury, property damage and clean-up and associated legal expenses.
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