Everest Insurance boosted its environmental coverage with a new policy form. Lloyd’s teamed up with a modeling company to launch a tool that will help insurers and reinsurers model liability exposure probabilistically across their entire portfolios.
Everest Insurance said it has unveiled the Everest Environmental Apex policy form.
The added environmental offering provides up to $10 million in capacity in a lead or excess position with the ability to schedule general liability, auto, employers liability, contractors pollution, professional liability, transportation pollution, products pollution and site pollution.
Everest said the new policy form can be written in support of primary Everest Environmental policies, or provide unsupported excess coverage over another carrier. Everest Insurance’s environmental offering includes general liability, contractors pollution, E&O, products pollution and more, and the Everest Environmental Apex offering allows pollution coverages to be scheduled in the underlying.
Everest Insurance is the primary insurance operations of Everest Re Group Ltd.
Lloyd’s and modeling company Arium launched a tool designed to help insurers and reinsurers model liability exposure probabilistically across their entire portfolios, Lloyd’s announced.
The tool’s methodology creates liability storm tracks, which provide a new structured way of analyzing casualty events, regardless of risk classification. Insurers and reinsurers will be able to model liability risk in more detail than before, in a way that is similar to catastrophe modeling, according to the announcement.
Willis Re said in a separate statement that it was one of several corporations that collaborated with Lloyd’s to develop the stochastic modeling report.
The tool’s methodology is detailed in a report, titled “Stochastic modelling of liability accumulation risk.”
Sources: Everest Insurance, Lloyd’s, Willis Re.