AIR Worldwide has expanded an inland flood model for Central Europe and updated part of its coastal flood model for Great Britain. An Ironshore division streamlined a policy offering so it can be underwritten by broker partners through its online Quote & Bind Portal. AXA XL’s Environmental business in North America has added supplemental coverage to its Pollution and Remediation Legal Liability cover.
Catastrophe risk modeling firm AIR Worldwide said it has released an expanded inland flood model for Central Europe that now includes Poland.
AIR also announced that it has updated the storm surge component of its coastal flood model for Great Britain, which is now incorporated into the AIR Extratropical Cyclone Model for Europe. AIR Worldwide is a Verisk business.
The AIR Inland Flood Model for Central Europe features physically based rainfall-runoff modeling and hydraulic modeling of detailed river networks extending more than 250,000 kilometers in the modeled countries. The model includes more than 45,000 stream links and unit catchments located partially or entirely within Austria, the Czech Republic, Germany, Poland and Switzerland.
The AIR Coastal Flood Model for Great Britain now includes new storm surge events for the stochastic catalog and an expanded model domain that includes all coastal areas of England and Wales. Additionally, the storm surge peril update incorporates detailed coastal sea defenses, such as levees and sea walls and their probability of failure, and updated damage functions. The updated coastal flood model for Great Britain will now be incorporated into the AIR Extratropical Cyclone Model for Europe to provide a more comprehensive and consistent view of the overall risk.
Ironshore Environmental streamlined its Contractors Environmental Legal Liability (CELL) policy to be underwritten by broker partners through its online Quote & Bind Portal.
The Ironshore CELL product responds to third-party bodily injury, property damage and remediation of environmental damages resulting from pollution incidents caused by the contractor’s work at a job site.
CELL cover via the portal is available to brokers for contractors with up to $100 million in revenues. Coverage underwritten through the Quote & Bind Portal provides available policy limits of $500,000 to $10 million and up to $50 million upon referral. The CELL policy carries no minimum premium, with deductible options starting at $2,500, and includes an enhanced commission.
Ironshore’s CELL policy is offered on an occurrence basis and can be underwritten for practice, project or wrap-up cover. Coverage includes pollution liability incidents associated with transportation, non-owned sites and time-element pollution accidents at owned sites, as well as costs related with image restoration, disinfection events and pre-claim expenses.
Ironshore is a Liberty Mutual Company.
AXA XL’s Environmental business in North America has added supplemental coverage to its Pollution and Remediation Legal Liability (PARLL) policy.
The policy provides protection to owners, operators and developers of fixed facilities against loss, remediation expense and legal defense expense for sudden and gradual pollution conditions.
AXA XL’s PARLL enhanced coverages include location coverage for third-party claims for bodily injury; property damage and remediation expense resulting from a pollution condition or remediation expense from first-party discovery of a pollution condition; and emergency remediation expense indemnity for remediation expense incurred by clients on an emergency basis because of a pollution condition.
Additionally, there is also new added supplemental coverages that provide limits of liability separate from and in addition to the aggregate limits provided under the policy, with no self-insured retention. This includes coverage for disaster response expenses incurred to minimize potential harm to a business’ reputation resulting from a pollution condition that has or is likely to result in a media event and green building materials expense for use of green building materials in the restoration of property damaged because of a pollution condition.
Sources: AIR Worldwide, Ironshore and AXA XL