Specialty Coverage: Environmental Liability
by R&I Consultants
Our commercial insurance consultants are pros at many types of insurance, including pollution liability insurance. Also known as environmental liability insurance, it covers environmental cleanup costs. Several types of pollution liability insurance are available, depending on the organization that needs coverage and the type of event.
What does it cover? Pollution environmental liability insurance covers the costs that are involved in a situation that may be detrimental to the environment, including any costs caused by third party claims related to a pollution condition. For instance, it could involve the clean-up costs incurred by the corporation or it can be any expenses brought on when needing a legal defense.
Additionally, this type of coverage may also include any pre-existing condition that is newly discovered. This is true even if a previous clean-up took place that did not completely eliminate the problem as environmental regulations change. Also, for any lawsuits that are based on property damage, bodily injury, business interruptions or other expenses related to a pollution condition will probably be covered.
Who should have it? Any company that deals with potentially hazardous materials or pollutants should consider this type of policy. Companies that operate at sites which have previously had an issue should also consider adding this type of coverage.
These types of policies have been around for many years. Though, with media coverage and a litigious society, the scope of coverage has greatly expanded in recent years. That’s why many insurance companies are beginning to offer environment liability insurance.
One of our commercial insurance consultants can determine if this kind of insurance plan may be beneficial to you. For more information, please call 404-459-5975.
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