LONDON--(BUSINESS WIRE)--Leading insurer ACE European Group (ACE) is warning that UK businesses are exposing themselves to unnecessary environmental liability risks, simply because they continue to view specialist insurance products as too expensive and overly complicated.
Alongside a limited understanding amongst many UK businesses of the increased liabilities they face in light of the European Union’s Environmental Liability Directive, a lack of awareness of the cover available and a reliance on existing liability insurance covers to offer adequate protection are exposing businesses to unnecessary risks.
A recent survey conducted for ACE amongst European risk managers also found that 1 in 10 major businesses expect to face an Environmental Liability loss each year.
The culmination of all these factors has serious consequences for UK businesses. Karl Russek ACE’s Senior Vice President, Environmental Risk explains: “Companies should not simply rely on their existing liability covers to provide the protection they need in the event of environmental damage clean up operations. In doing so they are exposing themselves to potentially significant losses.”
“The fact is that specialist environmental cover is now available for large and small businesses alike. In the case of the SME market, this cover is both extensive and affordable and can be provided as part of an existing liability and commercial package insurance programme.
“The insurance industry needs to focus on highlighting the specific benefits of dedicated environmental liability cover to help businesses.”
Notes to Editors:
ACE offers a full range of environmental liability insurance solutions. In June 2006, the company launched a Package Pollution Liability cover designed to make it easier and less costly for small and medium sized companies to manage their environmental related risk and liabilities. The package provides cover across a number of areas that are critical to small and medium sized businesses, such as damage to third party property, and coverage for sudden and gradual pollution. Other areas included in the package provide coverage for on-site and off-site first-party cleanup and automatic coverage for biodiversity damage.
ACE Environmental Risk offers a range of environmental liability solutions from traditional risk transfer to bespoke programmes. Specific products include:
ACE European Group has established branch offices in 16 countries across Europe, Freedom of Services permissions to operate in 27 EEA countries and affiliate offices in Egypt, Bahrain and Pakistan.
ACE European Group comprises the operations of ACE Europe, ACE Global Markets and ACE Tempest Re Group. ACE Europe provides a range of tailored Property and Casualty, Accident and Health and Personal Lines solutions for a diverse range of clients. ACE Global Markets (AGM) is ACE’s specialty international business, underwriting through ACE’s Lloyd’s Syndicate 2488 and UK registered company ACE European Group Limited. Specialty lines include excess and surplus lines business, Marine, Aviation, Energy and Political Risk as well as Property, Financial Lines and Accident and Health. Additional information on ACE European Group can be found at www.aceeuropeangroup.com.
The ACE Group of Companies is a global leader in insurance and reinsurance serving a diverse group of clients. Headed by ACE Limited (NYSE:ACE), a component of the Standard & Poor’s 500 stock index, the ACE Group conducts its business on a worldwide basis with operating subsidiaries in more than 50 countries. Additional information can be found at: www.acelimited.com