Aon Launches Environmental Edge(SM) to Address Corporate Veil Exposures
03 Marzo 2008 - 5:00PM
PR Newswire (US)
Innovative product offers one-of-a-kind blanket environmental
liability coverage for parent companies CHICAGO, March 3
/PRNewswire-FirstCall/ -- Aon Corporation (NYSE:AOC) today
announced the availability of Aon Environmental Edge(SM), a
customizable program and the first of its kind to provide global
coverage for environmental exposures with limits up to $300 million
for the most complicated risks. (Logo:
http://www.newscom.com/cgi-bin/prnh/20041215/CGW049LOGO) "Every
global corporate holding company with debt and equity assets --
including financial institutions and private equity firms -- faces
environmental exposures at many levels," said Veronica Benzinger,
senior vice president of Aon Environmental Services. "By leveraging
Aon's environmental expertise and industry relationships, we were
able to structure an all-inclusive program that offers our
multinational clients a unique, convenient and fiscally responsible
solution." Once assessed, environmental liability is strict, joint
and retroactive; there is no statute of limitations. Environmental
liability survives bankruptcy as well as dissolution of the liable
entity. Unlike typical environmental insurance policies, Aon
Environmental Edge encompasses legal liability protection across
the board and around the world, without the need for scheduling
specific locations or activities. Corporations have long-enjoyed a
false sense of security created by the "innocent lender" legal
protection status and the protection of individual assets by
corporate veil, or limited liability protection. Aon Environmental
Edge helps fill the gaps in general liability and directors' and
officers' policies, rendering obsolete these insufficient umbrellas
of security. Environmental exposure can stem from many areas and
transactions. For example: - Lenders' liability - Successor
liability - Investors' liability - Loss of collateral value of
impaired properties - Ownership of real estate - Inability to
foreclose on contaminated collateral - Disposal site liability -
Trading and transportation of cargo/commodity/product Structured to
respond in the event the corporate veil is pierced, Aon
Environmental Edge imparts a broad insuring agreement for third
party claims arising from environmental conditions alleged to be
caused by an insured entity. Additionally, the program manages this
risk in a cost-effective manner, all on a single policy. About Aon
Environmental Services Group Aon Environmental Services Group
provides a unique integration of risk identification and control by
bringing together processes, people, and approaches to address the
environmental risks of our clients, which include Fortune 500
corporations and governmental entities. These liabilities --
reaching far beyond a single peril or event -- pose a serious
threat to the success of a business as well as a broad spectrum of
transactions, including mergers, acquisitions, spin-offs and
liability buyouts. The team evaluates and assesses the
environmental risks of its clients, and relies upon its client
dedication, innovation and creation of new opportunities to
implement integrated environmental risk management solutions. About
Aon Aon Corporation (NYSE:AOC) is the leading global provider of
risk management services, insurance and reinsurance brokerage,
human capital and management consulting, and specialty insurance
underwriting. Through its 43,000 professionals worldwide, Aon
readily delivers distinctive client value via innovative and
effective risk management and workforce productivity solutions. Our
industry-leading global resources, technical expertise and industry
knowledge are delivered locally through more than 500 offices in
more than 120 countries. Aon was ranked by A.M. Best as the number
one global insurance brokerage in 2007 based on brokerage revenues,
and voted best insurance intermediary, best reinsurance
intermediary, and best employee benefits consulting firm in 2007 by
the readers of Business Insurance. For more information on Aon, log
onto http://www.aon.com/. Media Contact Kelly Drinkwine
312.755.3537
http://www.newscom.com/cgi-bin/prnh/20041215/CGW049LOGO
http://photoarchive.ap.org/ DATASOURCE: Aon Corporation CONTACT:
Kelly Drinkwine, +1-312-755-3537, , for Aon Corporation Web site:
http://www.aon.com/
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