Case Study: Wrap-up Program
Published on: 02-Apr- 2007 | Comments: 0
The Marsh client was the only remaining potentially responsible party (PRP) at a Superfund site. An associated piece of real estate was priced at a premium, and third party contamination of this site presented a huge exposure.
The Environmental Protection Agency (EPA) was slow in approving the remedial work plans and the adjacent residents threatened legal action. In addition, the various design consultants carried insufficient Professional Liability limits; this posed another concern that needed to be immediately addressed
Marsh successfully negotiated a COPS Wrap-up policy which provided professional coverage for all consultants and contractors.
Additionally, Marsh placed a Pollution Legal Liability Select (PLL) policy that included cover for third-party claims without a retroactive date, before the remediation.
Marsh also structured a "bridge endorsement" linking the aggregate limits of liability between the COPS and PLL policies to reduce policy costs and increase limits.
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