Press release from Business Wire
New ACE White Paper Examines Protection against Global Environmental Risks
Wednesday, June 26, 2013
New ACE White Paper Examines Protection against Global Environmental Risks17:20 EDT Wednesday, June 26, 2013
PHILADELPHIA (Business Wire) -- The ACE Group today announced the release of a white paper exploring the importance of identifying environmental risk exposures as businesses expand their global operations. The report explains that businesses are exploring new markets and new global business opportunities and suggests that environmental exposures are a key consideration. By understanding the environmental challenges, businesses can take measures to protect their investments and reputations by securing appropriate insurance coverage.
“Protecting Against Environmental Risk in the Global Marketplace,” was authored by Craig Richardson, Senior Vice President, ACE Environmental Risk; Karl Russek, Senior Vice President, Environmental, ACE Overseas General; and Frank Westfall, Vice President, ESIS Health, Safety and Environmental Services. Mr. Russek commented, “This report has been developed to help businesses understand the potential environmental regulatory risks involved when opening or expanding their global operations. One of our main goals is to support companies in protecting their reputations and business operations by running their global operations in accordance with local environmental laws and also global best practices.”
Additionally, the report discusses the importance of understanding and making sure businesses have the right environmental insurance coverage in place. According to Mr. Richardson, “Companies need to be cognizant and protect their investments from potential pollution incidents and exposures. In some instances, companies expect that a pollution incident that may damage their property is covered under a standard umbrella or commercial general liability insurance program. In most cases pollution exposures are excluded on those programs, and companies need to consider premises pollution policies that provide coverage for the first-party costs of environmental remediation as well as the potential third-party liabilities arising from on-site incidents.”
The report also discusses working with the appropriate resources on environmental assessments including regulatory and operational controls. Mr. Westfall added, “While operations in other countries can create significant growth opportunity, they often require stricter due diligence. To evaluate any future potential environmental exposures, companies should seek out experts who have experience in evaluating and mitigating overseas environmental, health and safety exposures. These experts can provide a broad perspective as well as specific guidelines businesses must meet to maintain compliance with current regulations.”
To access the report, please visit our website. The material presented in this report is for general informational purposes only. This report is not intended to provide legal or other expert advice and readers should consult legal counsel or other experts, as applicable, with any specific questions or situations they may have.
ACE has been a pioneer in developing advanced environmental risk insurance solutions designed to minimize bottom line impacts and provide hands-on management for those liabilities. ACE's Environmental Risk divisions in the U.S. and abroad offer a full range of specialized environmental and sustainable property and casualty insurance products and services, promoted as “ACE Green,” including coverages for premises-based exposures, contractors' and project pollution liability, and renewable energy and environmental cleanup projects. To learn more about the company's environmental insurance products and services, please visit www.acegroup.com. For more information about ACE's overall environmental initiative, please visit www.acegreen.com.
Insurance is provided by insurance companies within the ACE Group. All products may not be available in all jurisdictions. The product information above is a summary only. The insurance policy actually issued contains the terms and limits of the contract.
Organized in 1953, ESIS, Inc. (ESIS) provides customized risk management services. ESIS is part of the ACE Group. For more information about ESIS, please visit www.esis.com The ACE Group is one of the world's largest multiline property and casualty insurers. With operations in 53 countries, ACE provides commercial and personal property and casualty insurance, personal accident supplemental health insurance, reinsurance, and life insurance to a diverse group of clients. ACE Limited, the parent company of the ACE Group, is listed on the New York Stock Exchange (NYSE: ACE) and is a component of the S&P 500 index. Additional information can be found at: www.acegroup.com .
The ACE Group
Carla L. Ferrara, 212-827-4744