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We live in the Green Age, some might say, in which "ozone depletion" and "rain forest" have become watchwords. Yet, for many U.S. companies, the environmental movement means "Superfund," and the color that comes to mind is red.
Federally-mandated cleanups bring not only a healthier environment, but millions of corporate dollars lost to legal costs and remediation. Insurers have typically avoided the pollution market, and risk managers complain that available policies are expensive and often inadequate.
Last summer, however, the outlook began to change. In the wake of Fleet Financial Group's announcement that it would require commercial construction borrowers to purchase environmental insurance, insurers have prepared for what they believe will be a growing market.
Like Phase I assessments a year ago, pollution insurance …