The recently formed environmental unit of The Beazley Group has launched its first environmental products designed to meet the evolving needs of the environmental services industry.
The Farmington, Conn.-based company is 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.
The Environmental & Professional Liability product focuses on larger privately held firms with revenues of up to $100 million, providing professional liability protection that covers professional services, including media, technology and cyber-security risks arising from consulting, engineering and design activities. The product also covers contracting operations, premise, transportation and disposal activities.
The Environmental Liability Protection policy includes commercial general liability coverage for firms seeking a solution to address operational, environmental and professional risks in one policy. This product targets environmental and engineering services firms with revenues under $10 million.
“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,” said John Beauchamp, a senior underwriter at Beazley and head of the environmental unit. “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.”
Beazley unveils its first environmental risk products via IFAwebnews .