Business Insurance.com
Crain Communications, Inc.
Bill Kenealy
Associate Editor
September 4, 2014
Ironshore International has expanded insurance coverages to address environmental risks that arise during a transaction, allowing brokers and agents to provide consumers with a new innovative risk management plan.
Originally created in the wake of the subprime meltdown and catastrophic losses from hurricanes Katrina, Wilma and Rita, the company products ultimately aim to provide insurance protection against the adverse financial outcome of environmental incidents and liabilities.
“Ironshore Environmental is thrilled to be joining forces with our M & A group to provide environmental solutions to issues that can often hinder a domestic or international M & A transaction from closing or adversely affect the offer terms and conditions,” said John O’Brien, Ironshore Environmental CEO.
The new coverage includes first and third-party exposure from reimbursement of cleanup and remuneration costs, and third-party liabilities arising from damage surrounding sudden, accidental and gradual pollution incidents.
“Ironshore’s comprehensive cover is underwritten by a team of specialist with in-depth understanding of the nuances of diverse mergers and acquisitions transactions and environmental risk exposures,” explained Robert Brown, Global Head, Mergers & Acquisitions Unit. “Our cross-divisional expertise provides clients with customized insurance solutions that could, otherwise, significantly impact the success of an M & A deal.”
Ironshore expertise addresses a diverse spectrum of issues involved in managing environmental risk, including engineering and construction risk management, crisis management and incident response.
According to Michael L. Owens, vice president of Willis of Louisiana, Ironshore boasts an impressive track record, “When I was representing my client in search of insurance, part of the Ironshore presentation was about their claims capabilities and claims department structure (claims sits with underwriting), which was impressive and different, more impressive however was that after we placed the insurance with Ironshore and had a claim, they were responsive and have done everything that they said they would do during the sales pitch.”
This highlights how a productive relationship between brokers and carriers can go a long way to making the world a better place.
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