EXTON, Pennsylvania,
Aug. 25, 2011 /PRNewswire/ -- XL
Insurance, the global insurance underwriting operations of XL Group
plc (NYSE: XL), today announced the renewal of environmental
insurance policies for two closed military bases, the Riverbank
Army Ammunition Plant and Alameda Naval Air Station, both in
California, to help address
environmental concerns as redevelopment activities continue on
these sites.
According to Bob Hallenbeck,
Senior Vice President at XL Insurance's Environmental unit, "These
renewals are testaments to the important role that environmental
insurance plays in redevelopment activities, helping the process
move along and allowing redevelopment agencies to return this land
to productive use to bring jobs and new resources to the
community."
"XL Insurance has written coverage for Base Closure and
Realignment Commission (BRAC) sites, like Riverbank and Alameda, for more than a decade providing
similar environmental insurance protection to 36 different BRAC
sites," said Mr. Hallenbeck. "Especially in today's fragile
economy, environmental insurance offers a financial cushion that
helps protect profits from unexpected cleanup costs and keeps
remediation activities moving along and on schedule. Without
such protection, the discovery of unknown pollution conditions
could stop a project right in its tracks and delay plans to return
jobs and other resources back to the local community."
In 2005, the Base Closure and Realignment Commission recommended
the closure of Riverbank Army Ammunition Plant. The base was
officially deactivated on March 31,
2010. The environmental insurance policy was purchased
shortly thereafter by the Riverbank Local Redevelopment Authority
(LRA), and enabled the LRA to minimize its environmental exposure
as it assumed its role as the landlord for multiple tenants on the
site. Its renewed environmental policy will offer the same
protection as it continues to plan and implement the site's
redevelopment plans.
The Alameda Reuse and Redevelopment Authority purchased its
original environmental insurance policy in 2001 to address
environmental cleanup concerns on the 1,700-acre Naval Air Station
which was recommended for closure in 1997.
Both Riverside and Alameda's environmental insurance coverage
helps cushion the impact of potential environmental liabilities
associated with any additional cleanup necessary for the base,
protect tenants against property damage, bodily injury and legal
defense costs, and encourage the eventual re-use or transfer of the
property to new owners or tenants.
About XL Insurance
XL Insurance is the global brand used by XL Group plc's
insurance companies and underwriting divisions offering property,
casualty, professional and specialty insurance products throughout
the world. More information about XL Insurance is available at
www.xlinsurance.com. XL was formed in 1986 in response to
the unmet risk management needs of 68 of the world's largest
companies. This year, as XL celebrates its 25th anniversary, it
remains the company clients look to for innovative insurance and
reinsurance solutions for their most complex risks. XL Group
plc, through its subsidiaries, is a global insurance and
reinsurance company providing property, casualty, and specialty
products to industrial, commercial, and professional firms,
insurance companies and other enterprises on a worldwide basis.
More information about XL Group plc is available at
www.xlgroup.com
SOURCE XL Insurance