LIMIT YOUR EXPOSURE TO POLLUTION AND LIABILITY

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

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.

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 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.

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.

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 (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.