XL Catlin launches environmental insurance cover in Ireland

Re/insurer XL Catlin has launched a new environmental insurance solution in Ireland, tailored to comply with the guidance provided by the Environmental Protection Agency (EPA).

“The coverage has been designed to address the specific requirements of the guidance, subject to underwriting of the licensee and the licenced activities,” said Simon Harwood-Matthews, senior environmental underwriter at XL Catlin.

According to the EPA guideline, the general third party liability policies will no longer be acceptable as financial provision; and it will be mandatory for specialist environmental impairment liability policies to meet the nine requirements outlined by the agency.

The EPA requires licensed companies to put protections in place to safeguard against the financial impacts of pollution incidents. The financial provision should protect both the licensee and the public from the fallout of environmental accidents.

“Our coverage responds directly to the guidance and provides licensees with a viable and cost effective method to address the EPA’s requirement for financial provisions,” said David Gallagher, XL Catlin’s country manager, insurance for Ireland.

“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,” he added.

“Given 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.”