Hamilton, NJ, March 09, 2016 --(PR.com
)-- New Day Underwriting Managers LLC, the leading specialty intermediary of environmental and construction-related professional liability insurance coverage, recently hosted a one-hour webinar dedicated to the evolution of the Pollution Legal Liability (PLL) insurance marketplace and its present role in helping real estate owners facilitate transactions, satisfy financial responsibilities and mange operational and legacy environmental risks.
Moderated by John J. Heft, Senior Vice President, Director–Real Estate Practice of New Day, the executive panel included the insights of leading industry experts such as John O’Brien, CEO, Ironshore Environmental; Marcel Ricciardelli, Senior Vice President, Allied World Assurance Company; Doug Stepenosky, Senior Vice President, Great American Environmental; and Catherine Wilson, Senior Vice President, Head of Environmental, Zurich Environmental.
“PLL remains an excellent method for protecting contractors and site owners from environmental exposures despite the loss of a major player in the space,” says Heft. “This is very vibrant space that is even likely to expand with new terms and conditions as well as additional business classes in the years to come. Additional markets are anticipated to enter the space in 2016 as well. Long-term policies continue to be available with a market capacity of more than $350 million and up to $50 million in limits. PLL represents the ideal solution for managing the impact of potential risks and removing the financial doubts that can derail real estate deals.”
During the question-and-answer format, each of the participants provided their viewpoints on PLL topics ranging from major drivers and coverage terms to the long-term challenges and opportunities in the PLL marketplace. This included highlighting PLL’s growth from a policy type that “didn’t cover much” to a flexible coverage form that provides balance sheet, transactional, operational and regulatory risk protection against environmental loss. Currently offered by approximately 25 players participating in a $500 - $700 million market, PLL was praised for its ability to “fill the gaps” of other insurances for exposures involving tort, first-party and third-party liability as well as prior-act coverages.
Noting that “environmental liability is not static” and involves “a complex liability scheme surrounding the transitional coverage of risk,” all the panelists agreed on the extreme importance of PLL as a tool for ensuring business continuity, stability and sustainability along the operations side in the face of catastrophic environmental circumstances. This is especially true for helping smaller companies “survive as a whole” when confronted with either onsite or offsite challenges or even supporting the redevelopment of brownfields when it would be easier to develop green areas.
According to O’Brien, as a result “no product has evolved more than PLL with the ability to touch every industry and classification across the country with terms that are easier, broader and more digestible for consumers within the insurance marketplace.” Ricciardelli concurred by citing the interesting opportunities currently available within the market and the ability to fill this space and grow portfolios with products that are “efficient in focus” and “focused on partners.”
However, the debate intensified on the viability of 10-year deals as Stepenosky noted the challenges associated with “the next pathogen or pollutant that we’re not underwriting today, which will come back to us in the next ten years.” Wilson ended the session by assuring webinar attendees it will be “business as usual” for providers despite the recent disruption in this space. This is due to the dedication of leading insurers working in “collaborative environments” composed of claims, risk engineers and technical underwriters to fill PLL client needs with products that address new market conditions, appetites, emerging issues and regulatory changes.
For more information on New Day Underwriting Managers products and services, please visit www.newdayunderwriting.com or call 609.298.3516.
About New Day Underwriting Managers LLC
New Day Underwriting Managers LLC is a specialty resource for agents and brokers, assisting them and their clients find appropriate, high-quality environmental and construction-related professional liability insurance coverages. The company offers agents and brokers single-point access to an ample portfolio of products and services provided by the nation's largest environmental and professional liability insurance providers.