Ryan Transitional Risk offers new product for excessive cleanup costs

Managing general underwriter Ryan Transactional Risk on Wednesday announced the launch of a new product designed to cover potential overflowing costs of environmental remediation projects.

The product, Ryan Transactional Risk Enviro, offers $9 million in coverage, policy terms up to five years and uses a remediation excess policy form along with a unique defined-scope agreement to provide coverage for potentially excessive costs, the announcement said.

The product is a renewed version of environmental cost cap insurance, which has not been in the market for over 15 years, Cole Russo, director of RTR Enviro, said in the announcement.