ACE Insurance has launched two new insurance packages aimed at increasing protection from the cost of pollution clean-ups and environmental damage.
The first, the Broadform Liability and Environmental Protect Insurance Package combines their existing Public and Products Liability Insurance with protection against potential environmental liabilities.
ACE Insurance Australia and New Zealand president Giles Ward says many people believe only large corporations need to consider pollution liability.
“In reality, environmental liabilities also impact small and medium sized businesses,” he says.
Most liability policies provide coverage for third-party property damage, bodily injury and some legal defense expenses only, leaving a gap for the cost of clean-ups, emergency responses and civil fines.
ACE has also launched a new package aimed at protecting businesses involved in transport in the event of accidents involving pollutants.
The Marine and Environmental Impairment Insurance Package combines a Marine Cargo policy with a Contractors Pollution Liability policy to cover contamination of land or water during cargo transport.
“ACE is pleased to be first to market with this innovative product,” Ward says. “There is a very real threat of pollution and contamination occurring following an accident in transit, particularly in a country like Australia that relies so heavily on road transport.
“To mitigate this risk, cargo owners now have access to robust environmental coverage as part of their cargo insurance. ”