XL Catlin adds EIL insurance product in Ireland

XL Catlin has launched an environmental insurance product in Ireland that is tailored to address the Environmental Protection Agency’s (EPA) Guidance on Financial Provision for Environmental Liabilities.

A stipulation of the guidance, published in October 2015, is that general third-party liability policies will not be acceptable as financial provision and instead it introduces nine requirements for specialist environmental impairment liability policies to meet.
The EPA requires licensed companies that have financial provision built into their licences, to put protections in place to safeguard against the financial impacts of pollution incidents. The financial provision should better protect both the licensee and the public from the fallout of environmental accidents.

Simon Harwood-Matthews, senior underwriter, environmental insurance, said: “We are very pleased to be able to launch this solution in Ireland… the coverage has been designed to address the specific requirements of the guidance, subject to underwriting of the licensee and the licenced activities.”

David Gallagher, XL Catlin’s country manager, insurance for Ireland added: “Pollution incidents are very much a concern in Ireland today. Recently a slurry spill killed over 1,200 fish on the Owentaraglin River, disrupting local angling businesses. Given [that] incidents such as this are still occurring, it’s encouraging to see the EPA’s guidance takes measures to protect the public from the cost of a major incident and ensures the environment can be remediated in accordance with environmental law.”