Environmental Protection
If your pollution insurance seems murky, we will clean it up! Corporate Risk Solutions takes the “mystery” out of assessing and obtaining proper levels of pollution coverage. We formed a specialty practice dedicated exclusively to environmental risk and insurance, with the understanding that environmental risk was playing an increasing role in our clients’ ability to achieve their financial objectives. Our Environmental Risk specialist unravel the complexities of pollution risk by presenting all options available so you can make informed decisions. Our unique approach streamlines the underwriting process and produces affordable solutions to meet your specific needs.
Environmental liabilities can arise from virtually any aspect of a
manufacturing and distribution enterprises, especially those
companies which may find themselves in the disastrous position of
being the “deep pocket” involved in an environmental issue. Exposure
to financial loss from historical usage of owned facilities,
non-owned disposal sites, transportation risks and even the new
dangers of terrorism can now be eliminated through comprehensive and
highly affordable environmental insurance.
While the benefits of environmental insurance are clear, it is critically important that the coverage is designed and negotiated by
an environmental specialist. Policy terms and conditions must be specifically negotiated to assure the proper risk transfer has been
achieved, an impossible task for those not involved in the
environmental insurance marketplace. Equally important to our
clients are the lower premiums they pay resulting from the enhanced
buying power we enjoy as a major producer of environmental
insurance.
Here are a few of the risks that an environmental policy can protect against:
- Asbestos
- Lead Paint
- Mold
- Development of Brownfield Sites
Partial List of Common Sites:
- Petroleum, Gasoline & Propane Transportation Operations
- Storage Tank Facilities
- HVAC Contractors
- Car dealerships, Gas/Service Stations & Garages
- Contractors
- Dry Cleaning & Laundry Facilities
- Environmental Consultants
- Environmental Remediation Contractors
- Hospitals & Clinical Institutions
- Hotels & other Lodgings
- Real Estate
- Shopping Centers
- Utilities
Environmental Insurance For Real Estate
The purpose for securing an environmental insurance policy is to
provide protection against financial loss arising from pollution.
The majority of property and casualty policies do not insure
pollution risk leaving the environmental insurance policy as the
sole means to recover loss and expense caused by environmental
issues.
The Pollution Legal Liability Policy
This policy form is specifically designed to accommodate the typical
environmental risk transfer requirements involved in most industry
sectors such as real estate, manufacturing, agriculture, etc.
In general, if a loss due to pollution conditions occurs, the policy will pay:
- cleanup costs at or emanating from the insured location
- bodily injury and property damage claims
- the legal defense expense and non-criminal fines and penalties
- coverage options are available for business interruption and or loss of property value
The Coverage Trigger
The environmental policy coverage is triggered when a previously
unknown pollution condition is first discovered during the policy
term. Provided the pollution was unknown before the policy went into
effect, cleanup coverage applies even if the pollution actually
occurred before the policy was effective.
Due Diligence
The insurer does not require the insured to conduct any
environmental assessments. Alternatively the carrier conducts its
own due diligence by utilizing its in-house engineering staff to
research database records and/or conduct telephone surveys with the
insured. Site surveys by the carrier are possible but normally do
not occur.
In the event environmental assessment reports have been prepared, the carrier does require those reports be submitted with the application for their review.
Special Risk Coverage
Mold Contamination
Lawsuits alleging serious bodily injury resulting from mold
contamination in commercial and habitational real estate are
considered by the insurance industry as one of today's most serious
environmental risks. Due to the increasing size and volume of these
lawsuits insurance companies have taken measures to avoid insuring
this risk by introducing policy exclusions which deny coverage for
claims arising from mold (microbiological matter).
However, the environmental insurance policy can insure against
mold-related claims. Full coverage can be obtained when the
applicant completes a Mold Questionnaire that is subject to review
by underwriters who will then determine if coverage is provided and
will calculate an additional premium for adding the coverage.
Underground Storage Tanks
Underground Storage Tanks (10% or more of the tank is buried in the
ground) are specifically listed and insured on the policy. Certain
requirements apply to have these tanks covered, such as testing of
tanks which are more than ten years old and a complete description
of the size, age and contents of each tank.
Above ground storage tanks (including in basements and vaults) are automatically covered and do not have to be listed on the policy.
Contact a Corporate Risk Solution Specialist today info@underwritingpros.com .
