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Novacore adds environmental liability coverage as PFAS claims rise
The specialty insurer plans to start writing the new environmental line later this year, with a re-engineered Environmental Remediation Cost Cap and a Pollution Legal Liability product.
Novacore, an independent specialty insurer, has launched a new environmental segment covering environmental remediation and pollution liability risk, aiming to address growing PFAS-driven claims activity.
The timing is framed as pivotal for the market, with the outlet noting that two major insurers have exited site environmental liability in recent years, contributing to capacity gaps and coverage that many clients have not updated to reflect the shift in demand.
The new segment will center on a re-engineered Environmental Remediation Cost Cap, or ECC, product and a Pollution Legal Liability, or PLL, product, with underwriting and program details to be announced as Novacore Environmental prepares to begin writing business later this year.
Novacore also named Cole Russo as president, environmental, citing more than 30 years of experience across underwriting, broking and claims management. The insurer added Roland Costanzo as chief operating officer and executive vice president of Underwriting, with prior roles including senior management and complex environmental claims resolution at AIG, according to Insurance Business.