Have insurers been offering any new products in environmental insurance to entice clientele from other companies?
All insurers are offering the same products, the most standard being pollution legal liability. Even the newest environmental product is 10 years old. What has changed is the pricing and coverage, which has become more aggressive in light of increased competition. How does the new growth in the environmental insurance market help brownfield development and awareness building for the industry? Environmental insurance is a must for any brownfield development project. Before large and established insurers provided environmental coverage, opportunities to develop on environmentally at-risk land parcels were very limited. Now, with a larger capacity and competition fueling a buyer’s market, brownfield developers have significantly more options for coverage.
