|Lexington Insurance Company Introduces LexWildfire Smoke(SM), Business Income Protection for Wildfire Smoke Losses|
New York –December 17, 2009 – Lexington Insurance Company, a Chartis company, today announced the introduction of LexWildfire SmokeSM, an endorsement that extends its commercial property insurance to cover losses incurred by higher education accounts when smoke emanating from a local wildfire results in very unhealthy or hazardous air quality that disrupts a policyholder’s outdoor operations.
“Even educational institutions located away from the immediate physical danger of a wildfire can suffer significant losses because of smoke. While unhealthy ambient air quality is a concern to all businesses in the area of a wildfire, it can be particularly costly for those with outdoor activities, such as colleges and universities holding sporting events,” said Lou Frascotti, Senior Vice President of Lexington Insurance Company. “LexWildfire Smoke responds to the reality that significant losses can arise even absent direct physical damage.”
Coverage is triggered for scheduled locations when a state or local public health entity or other authorized official issues an air quality alert with a rating of Very Unhealthy or Hazardous (or an air quality index of 201 or greater or a PM2.5 24-hour average of 140.5 ug/m3 or greater).
LexWildfire Smoke is available with sublimits up to $5 million by endorsement to Lexington’s commercial property insurance policies.
Chartis is a world leading property-casualty and general insurance organization serving more than 40 million clients in over 160 countries and jurisdictions. With a 90-year history, one of the industry’s most extensive ranges of products and services, deep claims expertise and excellent financial strength, Chartis enables its commercial and personal insurance clients alike to manage virtually any risk with confidence.
Chartis is the marketing name for the worldwide property-casualty and general insurance operations of Chartis Inc. For additional information, please visit our website at http://www.chartisinsurance.com. All products are written by insurance company subsidiaries or affiliates of Chartis Inc. Coverage may not be available in all jurisdictions and is subject to actual policy language. Non-insurance products and services may be provided by independent third parties. Certain coverage may be provided by a surplus lines insurer. Surplus lines insurers do not generally participate in state guaranty funds and insureds are therefore not protected by such funds.