AIG Environmental Markets To Midsize Contractors.

AIG Environmental, a division of American international Cos., introduced an environmental liability program designed for environmental consultants and contractors with annual revenue of less than $2 million.

Business opportunities for environmental insurance are growing. Coverage is needed for the redevelopment of 450,000 brownfield sites, which are abandoned industrial properties, and in the reclamation of 1,700 U.S. military installations currently being cleaned up nationwide. Various insurance experts estimate that environmental insurance generates about $1 billion in annual premium industrywide.

Birmingham, Ala.-based Environmental Insurance Services has been tapped by AIG to be the managing general agent for the program. Both AIG and Environmental Insurance Services will market Professional Packaging and Contractors Pollution Liability coverages to environmental consultants and contractors.

Professional Packaging combines professional, general and contractors pollution liability coverage under one form, eliminating the need for three policies--and, therefore, three premiums. The general liability and contractors pollution liability coverages are available on an occurrence or claimsmade basis, while the professional liability coverage is available on a claimsmade basis. Professional Packaging is available with limits of liability up to $5 million in-house; however, limits are available as low as $500,000 per occurrence or aggregate.

The Contractors Pollution Liability Coverage allows the insured to report claims at any time during or after the policy term, provided the covered damage occurred during the policy term. The occurrence trigger for Contractors Pollution Liability provides coverage for third-party bodily injury, property damage or environmental damage resulting from pollution conditions. Coverage is available with limits of up to $35 million.