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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), acustomizable program and the first of its kind to provide global coveragefor environmental exposures with limits up to $300 million for the mostcomplicated 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 -- facesenvironmental exposures at many levels," said Veronica Benzinger, seniorvice president of Aon Environmental Services. "By leveraging Aon'senvironmental expertise and industry relationships, we were able tostructure an all-inclusive program that offers our multinational clients aunique, convenient and fiscally responsible solution." Once assessed, environmental liability is strict, joint andretroactive; there is no statute of limitations. Environmental liabilitysurvives bankruptcy as well as dissolution of the liable entity. Unliketypical environmental insurance policies, Aon Environmental Edgeencompasses legal liability protection across the board and around theworld, 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 individualassets by corporate veil, or limited liability protection. AonEnvironmental Edge helps fill the gaps in general liability and directors'and officers' policies, rendering obsolete these insufficient umbrellas ofsecurity.
Environmental exposure can stem from many areas and transactions. Forexample: - 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, AonEnvironmental Edge imparts a broad insuring agreement for third partyclaims arising from environmental conditions alleged to be caused by aninsured entity. Additionally, the program manages this risk in acost-effective manner, all on a single policy. About Aon Environmental Services Group Aon Environmental Services Group provides a unique integration of riskidentification and control by bringing together processes, people, andapproaches to address the environmental risks of our clients, which includeFortune 500 corporations and governmental entities. These liabilities --reaching far beyond a single peril or event -- pose a serious threat to thesuccess of a business as well as a broad spectrum of transactions,including mergers, acquisitions, spin-offs and liability buyouts. The teamevaluates and assesses the environmental risks of its clients, and reliesupon its client dedication, innovation and creation of new opportunities toimplement integrated environmental risk management solutions. About Aon Aon Corporation (NYSE: AOC) is the leading global provider of riskmanagement services, insurance and reinsurance brokerage, human capital andmanagement consulting, and specialty insurance underwriting. Through its43,000 professionals worldwide, Aon readily delivers distinctive clientvalue via innovative and effective risk management and workforceproductivity solutions. Our industry-leading global resources, technicalexpertise and industry knowledge are delivered locally through more than500 offices in more than 120 countries. Aon was ranked by A.M. Best as thenumber one global insurance brokerage in 2007 based on brokerage revenues,and voted best insurance intermediary, best reinsurance intermediary, andbest employee benefits consulting firm in 2007 by the readers of BusinessInsurance. For more information on Aon, log onto http://www.aon.com.
Media Contact Kelly Drinkwine 312.755.3537 kelly.drinkwine@kemperlesnik.com
