Dateline: 22/04/2002
Insurance to Help Cover the Costs of Leaks and Clean-ups
SCHAUMBURG, IL, April 22, 2002 -- Zurich North America’s Environmental Group today announced the launch of its Home Environmental Protection program, an insurance coverage developed to protect homeowners from the usually overlooked risks of owning a residential fuel oil tank. The unique coverage complements traditional homeowner’s insurance policies, which do not typically cover the costs of oil leaks and clean ups of residential tanks incurred by the more than 10 million households in the U.S.
Roger Brunner, vice president at Zurich North America said, "Many people automatically assume that any problems with their oil tanks are covered by their homeowner’s insurance, but unfortunately, this is usually not the case. The expense resulting from a leak, for example, can easily run into the thousands of dollars. Our Home Environmental Protection program offers a timely solution, providing the peace of mind that homeowners want when it comes to their biggest asset, their home."
The Home Environmental Protection program provides policyholders with coverage for legally required first-party cleanup costs as a result of a release caused by a defect in the fuel oil system with a clean up limit of up to $100,000; a sub-limit coverage for site restoration after clean up; and access to a network of environmental clean up and tank testing professionals.
The plan is currently available in New York, New Jersey and Pennsylvania where residential oil tanks are commonplace. Homeowners can purchase the plan through insurance agents or directly from Zurich North America by calling (800) 713-1158.
Zurich North America Environmental provides liability coverages that protect against a range of unforeseen environmental and design professional exposures. Tailored insurance programs are crafted by underwriting specialists working with dedicated claims and risk management teams. The Environmental Small Business profit center has been a market leader in providing storage tank coverage to homeowners and small businesses. Previously, the group offered a warranty product through fuel oil dealers, and remains committed to providing innovative insurance solutions to the fuel oil industry and residential oil tank owners.
Zurich North America (www.zurichna.com) is a leading commercial property-casualty insurance provider serving the multinational, middle market and small business sectors in the United States and Canada. Headquartered in Schaumburg, Ill., Zurich North America has 11,650 employees and wrote $10.9 billion in premiums in 2001. Zurich North America includes the Zurich U.S. business units (Corporate Customer, Middle Markets, Small Business, Strategic Partnerships, Construction, Specialties, Zurich Global Energy, Warranty, Surety & Financial Enterprises and Empire Fire and Marine), as well as Universal Underwriters Group and Zurich North America Canada. The Zurich U.S. pool of companies is rated A+ (superior) by A.M. Best and AA- (very strong) by Standard & Poor's. Zurich North America is a member of the Zurich Financial Services Group.
The Zurich Financial Services Group (www.zurich.com) is a global leader of integrated financial services, providing its customers solutions in the areas of financial protection (non-life insurance and structured solutions) and asset gathering (life insurance and asset management). The Group focuses its activities on its key markets of North America, United Kingdom and Continental Europe, and selected other markets where it has or can reach a competitive position. The Group achieved gross premiums of $56 billion in 2001. Founded in 1872, Zurich is headquartered in Zurich, Switzerland. It has offices in more than 60 countries and employs approximately 70,000 people.
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Media contacts:
Elizabeth Woods
Zurich North America
(917) 534-4653
elizabeth.woods@zurichna.com
Paul Del Colle
Miller DeMartine Group
(203) 221-2790
pdelcolle@mdgpr.com