ASI Introduces Expanded Site Pollution Impairment Legal Liability (SPILL) Product.ATLANTA -- American Safety Insurance Services, Inc. (ASI ASI, n See Anxiety Sensitivity Index. ) has expanded its environmental impairment Impairment 1. A reduction in a company's stated capital. 2. The total capital that is less than the par value of the company's capital stock. Notes: 1. This is usually reduced because of poorly estimated losses or gains. 2. liability offerings in order to provide expanded coverage. "Our new Site Pollution Impairment Legal Liability (SPILL spill - register spilling )(TM) product includes many coverages that, in the past, have been available only by endorsement," said Steve Graham, Director of Environmental Underwriting Underwriting 1. The process by which investment bankers raise investment capital from investors on behalf of corporations and governments that are issuing securities (both equity and debt). 2. The process of issuing insurance policies. , "Our new SPILL form will meet the needs of most accounts, and we can further customize policies to suit the unique exposures of more complex risks." ASI's SPILL product is designed to cover an array of sites, such as manufacturers, recyclers, distributors, electric utilities and main street businesses. It can also be used to minimize environmental risk in real estate transactions for buyers and sellers. The policy can provide coverage for sudden, accidental and gradual pollution conditions; off- and on-site third party bodily injury, property damage and clean-up costs; underground storage tanks An Underground Storage Tank (UST), in United States environmental law, is a tank and any underground piping connected to the tank that has at least 10 percent of its combined volume underground. ; and unknown pre-existing conditions. Premiums for the SPILL product begin at $5,000 with limits available up to $11 million, and the coverage can be written on an admitted, non-admitted or risk retention group basis. "This year, ASI celebrates its 20th anniversary of providing coverage for environmental risks," said Geoff Gregory, Chief Underwriting Officer. "We have an established commitment to the environmental insurance market and our SPILL product is another example of our ability to develop insurance solutions for underserved markets." For information on our environmental insurance products or to join our approved producer network, please contact John Rich, National Business Development Manager for ASI's Environmental Insurance Unit at johnr@americansafetyinsurance.com or 440-268-7391. ABOUT ASI American Safety Insurance Services, Inc. (ASI) offers innovative insurance solutions in the alternative insurance market for environmental remediation Generally, remediation means providing a remedy, so environmental remediation deals with the removal of pollution or contaminants from environmental media such as soil, groundwater, sediment, or surface water for the general protection of human health and the environment or from a , contracting and other specialty risks underwritten by American Safety Casualty Insurance Company, American Safety Indemnity Company and American Safety Risk Retention Group, Inc., which, as a group, are rated "A" (Excellent) VIII by A.M. Best. ASI is a subsidiary of American Safety Insurance Holdings, Ltd., (NYSE NYSE See: New York Stock Exchange :ASI), a Bermuda-based holding company. |
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