The environmental liability insurance market remains stable, according to a new report from Amwins.
A broad range of carriers are active in the space, and the entrance of new competitors has exerted downward pressure on rates.
For primary casualty lines, pricing has been anywhere from flat to up 10%, depending on the insured’s operations and location.
Excess pricing has been similar, except for when excess auto coverage is included. In that case, pricing can vary depending on operations, fleet size and composition, and venue. Heavy truck and truck-tractor fleets are often subject to shorter limits or higher attachment points.
Auto-related losses are driving underwriting decisions in the space, so the more controls an insured has in place — fleet safety measures, employee vehicle use policies — the more likely they are to secure favorable terms.
Insureds with aging infrastructure, locations or systems should put proactive risk management strategies in place to help secure coverage. They should also have a long-term plan for upgrading systems, so they don’t become uninsurable.
The slideshow above highlights five things currently impacting environmental insurance, according to a report from Amwins.
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