Frenkel & Company
Matt Winters, CRM
February 3, 2016
A recent consequence of AIG’s major restructuring is their exit from the Pollution Legal Liability (PLL) insurance market – a market that years ago they created. Frenkel & Company has been busy notifying our clients that AIG will honor existing policies but that they will no longer underwrite new policies or renew existing policies. AIG will not be removing itself completely from the environmental insurance market. Representatives have reported that the company will continue to write Contractors Pollution Liability and Environmental and General Liability Exposure policies.
Fortunately there are a number of insurance companies that continue to offer PLL insurance which is designed to accommodate a myriad of preexisting and operational environmental exposures and liabilities. Increasingly, lenders, private equity firms, redevelopment authorities, risk managers, etc., require that PLL insurance be secured to facilitate property transactions and to support redevelopment projects. PLL policies also offer protection against 3rd Party claims including regulatory reopeners.
Matt Winters is a Senior Vice President at Frenkel & Company, an Insurance Brokerage Firm headquartered in New York. Matt is responsible for Business Development within Frenkel’s Environmental Risk Service’s Division. Clients include environmental consultants, contractors and engineers. Division also procures environmental insurance policies to support real estate acquisitions, divestitures and “Brownfield” redevelopment projects. Matt runs the Philadelphia office of Frenkel & Company.