Ryan Transactional Risk has introduced a new insurance product to cover the risk of cost overruns in environmental remediation and clean-up efforts.
Named Ryan Transactional Risk Enviro (RTR Enviro), the product offers environmental remediation cost overrun insurance tailored for corporate transactions, divestitures, mergers and acquisitions (M&A) and real estate development projects.
The insurance aims to eliminate or minimise the risk of cost overruns during the remediation of known environmental contaminants, the company said.
RTR Enviro utilises a remediation excess policy form combined with a defined-scope agreement to provide coverage for potential cost overruns.
Ryan Transactional Risk CEO Rich Stansfield said: “Central to Ryan Transactional Risk’s belief in innovation, Ryan Transactional Risk Enviro is representative of RTR’s steadfast commitment to delivering transformative products to our valued clients.
“It is a powerful addition to our suite of transactional liability products that will further differentiate the RTR brand. We look forward to the positive impact it will have for our clients.”
RTR Enviro is now open for business with brokers and agencies across the US, both at a global and regional level.
The underwriting team for this new product includes RTR Enviro director Cole Russo, who added: “Ryan Transactional Risk Enviro is the leader in providing environmental remediation cost overrun insurance. We are bringing back a new and improved version of Environmental ‘Cost Cap’ insurance that has not been in the market for over 15 years.”
Earlier this month, Ryan Specialty agreed to acquire JM Wilson, an insurance company based in Michigan.
The acquisition, subject to regulatory approval, will see JM Wilson’s operations become part of the RT Binding Authority specialty division of Ryan Specialty.
“Ryan Transactional Risk launches environmental cost overrun insurance ” was originally created and published by Life Insurance International, a GlobalData owned brand.
The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
Source link