Insurance Plans Reviews and Articles

Insurance Cover for Water Utilities Launched by Marsh

Posted in insurance by kishosingh on September 10, 2010

Recently, Marsh Inc. launched a specialist contamination insurance product for water utility firms globally. It is the new step in insurance sector by Marsh Inc.

About the March insurance cover for water utilities, an online news portal about economy and business – economictimes.indiatimes.com, writes, “Available exclusively through Marsh, the product is the first of its kind to offer coverage for drinking water contamination, including losses associated with a terrorist attack, extortion costs and goodwill payments to customers.” So, it is the first kind of insurance coverage for drinking water contamination, including losses associated with a terrorist attack, extortion costs and goodwill payments to customers.

Further the news portal writes about it, “The water utilities contamination insurance product can provide cover of up to £10 million for accidental contamination, malicious contamination or extortion relating to the water supply. This includes payments to domestic and business customers affected by the contamination and those suffering from injury or illness caused by consuming the contaminated water.” It covers the broader aspect of accidental contamination. It provides cover of up to £10 million which is for suffering from injury or illness caused by consuming the contaminated water.

Mr. Sanjay Kedia who is the Country Head & CEO of Marsh India said to ET about the new product, “Water contamination incidents can have serious regulatory, financial and reputational implications for a water utility. The costs associated with clean-up, providing bottled water, customer communications and subsequent compensation can be substantial.”

Further he adds, “Traditional property and liability policies often provide limited protection against serious contamination incidents. There is a great deal of interest already in this product from water utilities in the UK, USA, Australia and the Far East.”

According to him, “Marsh India plans to work with insurers to structure and launch the product, in line with Indian market and regulatory requirements.”

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