July 19, 2017 by Canadian Underwriter
Beazley has launched its local environmental coverage in Canada with a product suite tailored to the specific market.
The suite includes the ECLIPSE (fixed site) form, the ENVIRO (contractors’ pollution legal liability) form and the BeazleyOne (combined) form. Limits are up to $25 million, Beazley notes in an email to Canadian Underwriter.
“The combination of these products offers solutions for pollution liability needs for Canadian domiciled business,” the email states.
In general, Beazley covers a wide range of environmental risks, including operational coverage for businesses that may face claims for polluting the premises of third parties; professional liability coverage for environmental consultants; protection for ongoing fixed-site operations; contractors’ pollution liability; and brownfield site remediation.
“Key target industries are the manufacturing, industrial, real estate, hospital and educational sectors,” notes a company statement.
“Canada has an established environmental market. Purchasers of the coverage are becoming more sophisticated and claims activity is driving changes in the risk appetite of insurers,” suggests Beazley, whose focus is medium to large environmental risk.
Pointing out “there has been some shake-up in the talent pool and appetite,” this has opened the door to “provide technical solutions and meet the coverage needs of insureds,” the email notes.
Beazley’s expectation is that “the Canadian environmental space will continue to develop and challenge insurers’ technical strengths,” it adds.
Beazley has been offering pollution liability solutions in Canada since 2011 via Lloyd’s, as part of its global offering of environmental products. “By having its own local presence, Beazley can develop its own local broker relationships and, thereby, access the Canadian domiciled business that would not otherwise find its way to London,” the email adds.
Nick Bidwell, an experienced underwriter of environmental risks, has joined Beazley to develop business in Canada, focusing on fixed site and operational liability risks, notes the company statement.
Toronto-based Bidwell brings to his new position experience as the Canadian national underwriting lead for site liability at Zurich, as well as his time serving as an environmental consultant.
Bidwell “is extremely knowledgeable about the environmental risks faced by local organizations and will help Beazley build local distribution for risks that don’t typically reach the London market,” Jayne Cunningham, the company’s environmental focus group leader, says in the statement.
“We’re excited to expand Beazley’s specialist environmental coverage to the Canadian market and look forward to developing creative solutions for local clients,” Cunningham adds.
Beazley plc is the parent company of specialist insurance businesses with operations in Europe, the United States, Canada, Latin America, Asia, the Middle East and Australia.