When the financial crisis and subsequent recession hit, many businesses cut back on expenses by leaving off some insurance coverages they thought they wouldn’t need. Environmental liability was one of those coverages that some businesses thought they could do without – until the Deepwater Horizon oil spill off the Gulf of Mexico occurred in April of this year and many business owners didn’t have the coverage when it mattered most. The Deepwater incident was an unfortunate lesson for everyone that they are not immune to these disasters. In this edition of Markets in Motion, Barbara Deas, president, ACE Westchester Environmental
, and Bill McElroy, senior vice president at Liberty International Underwriters
, discuss how the oil spill event has impacted this class, and how agents can become more efficient in writing this coverage.