PARLLPollution and Remediation Legal Liability (insurance)
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AXA XL's PARLL enhanced coverages include location coverage for third-party claims for bodily injury; property damage and remediation expense resulting from a pollution condition or remediation expense from first-party discovery of a pollution condition; and emergency remediation expense indemnity for remediation expense incurred by clients on an emergency basis because of a pollution condition.
According to Vuono, another benefit of the PARLL program is the ability it provides to site owners for utilizing traditional risk management mechanisms to handle the retention or cleanup amount, while rolling it into a seamless insurance product.
"These programs combine a fund, paid into by the client, with a layer of true insurance - the PARLL policy.
The PARLL policy would then provide onsite coverage for any amount over $600,000 up to the limits of the policy.
The PARLL policy offers several benefits to the purchaser or developer of a brownfield.
Lowry's coverage includes pollution legal liability (PLL), pollution and remediation legal liability (PARLL), defense legal liability, remediation stop loss (RSL), and an owner-controlled wrap-up program.
PARLL coverage, also provided in Lowry's environmental insurance program, protects the base for the cost of remediating any additional contamination that is discovered on-site.