Plans broad product line to address rapidly evolving risks
FARMINGTON, Conn., Nov. 16 /PRNewswire-FirstCall/ -- Beazley Group (BEZ.L), a
leading underwriter of professional liability, management liability and
commercial property exposures, has launched its first two environmental
insurance products to meet the evolving needs of the environmental services
industry.
Building on the success of its A&E Media Tech form for traditional architects
and engineers, the company is now offering two versions of the ENVIRO Media
Tech form on a non-admitted basis: Environmental & Professional Liability and
Environmental Liability Protection.
The target market for both products is engineering, consulting, project
management and contracting/remediation firms that provide environmental
services. However, the two products address liability exposures for firms of
varying size:
-- The Environmental & Professional Liability product focuses on larger
privately held firms with revenues of up to $100 million. It provides
professional liability protection that covers professional services
(including media, technology and cyber-security risks arising from
consulting, engineering and design activities) along with
environmental
protection that covers contracting operations, premise, transportation
and disposal activities.
-- In addition to offering similar protections, the Environmental
Liability
Protection policy includes commercial general liability coverage for
firms seeking a comprehensive solution to address operational,
environmental and professional risks in one policy. This product
targets
environmental and engineering services firms with revenues under $10
million.
John Beauchamp, a senior underwriter at Beazley who leads the group's recently
formed environmental unit, said:
"We have designed these products carefully to address two major trends that
have influenced demand for the services that these firms provide and for the
risks that they run. The first is changing methods for delivering remediation
and redevelopment projects. Fixed price remediation contracts and other
delivery methods continue to alter the level of responsibility environmental
professionals bear for projects. The second trend is the increasing use of
technology by environmental firms, which brings with it new exposures - for
example, the loss or corruption of electronically transmitted data."
"These are our first environmental products, but we have others planned. In
2010 we will launch products that address the environmental risks run by
general contractors and property owners with fixed site environmental
exposures."
Beazley's environmental risk products complement a number of other lines of
business in which the group has a well established position and reputation.
Beazley is a major insurer of commercial property risks, both through its
Lloyd's of London operations and through its US admitted carrier, Beazley
Insurance Company, Inc. And in the professional liability arena, Beazley has
been insuring architects and engineers for 23 years and now counts more than
half of the top 50 design firms, as ranked by Engineering News-Record, among
its clients, as well as thousands of smaller firms.
Note to editors:
Beazley plc (BEZ.L), is the parent company of global, specialist insurance
businesses with operations in the UK, US, France, Germany, Ireland, Singapore,
Hong Kong and Australia. Beazley manages four Lloyd's syndicates: Syndicate
2623 and Syndicate 623 underwrite a broad range of insurance and reinsurance
business worldwide; Syndicate 3623 focuses on accident and health business;
and 3622 is a dedicated life syndicate. In 2008, Beazley underwrote gross
premiums of 875.7 million pounds Sterling. All Lloyd's syndicates are rated A
by A.M. Best.
Beazley's underwriters in the United States focus on writing a range of
specialist insurance products. In the admitted market, coverage is provided
by Beazley Insurance Company, Inc., an A.M. Best A rated carrier licensed in
all 50 states. In the surplus lines market, coverage is provided by the
Beazley syndicates at Lloyd's.
Beazley is a market leader in many of its chosen lines, which include
professional indemnity, property, marine, reinsurance, accident and life, and
political risks and contingency business.
For more information please go to: www.beazley.com
SOURCE Beazley Group
Beazley Group, John Beauchamp, +1-215-446-8444, www.beazley.com/environmental
