Marsh launches contamination cover for water utilities
Marsh has launched a product designed to protect water utility companies against the cost of a serious contamination incident.
With industry regulation tightening and the threat of terrorism increasing, water utility firms globally are firming up their attitude to risk and the insurer claims the policy is the first of its kind.
It can provide cover of up to £10 million for accidental contamination, malicious contamination or extortion relating to the water supply and includes payments to domestic and business customers as well as those suffering from injury or illness caused by consuming the contaminated water.
Commenting on the launch the firm’s senior vice president Construction, Andrew Ainscough, says: “Water contamination incidents can have serious regulatory, financial and reputational implications for a water utility.”
He adds: “The costs associated with clean-up, providing bottled water, customer communications and subsequent compensation can be substantial.”
According to Mr Ainscough, traditional property and liability policies often provide no protection against serious contamination incidents and water utilities in the UK, USA, Australia and the Far East are already showing strong interest in the new offering.
Category: Business Insurance News, Insurance News, Marsh News
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