Five insurance policies related to environmental risks

2019-04-30 Insurance No comment

If you are an environmental professional, you will know all the risks associated with your risk. Because of this, insurers provide specialized coverage tailored to the industry – as well as owners and money lenders who finance housing and commercial buildings and properties. A quick summary of the relevant form of the report was compiled to provide interested parties with an easy-to-read vocabulary on the matter.

Environmental professional insurance:

• Environmental consultant errors and missing coverage

  This coverage protects environmental consultants from litigation related to so-called misguided guidance and guidance, resulting in economic losses. The insurance coverage of attorney fees is also included in the benefits of such professional liability policies.

• Environmental contractor bonds

  Contractors who clean up pollution and pollution can purchase industry-related liability insurance by offering bids and performance bonds to underwriters who provide special forms of compensation.

• Environmental damage responsibility

  Environmental Damage Liability Insurance is designed to cover insurance that professionals exclude from their general business liability forms or policies. The insurance can be purchased from a professional insurance company, including damages for environmental damage and cleaning costs. It is important to review the scope of current commercial liability insurance to determine non-overlapping and to ensure that there is no gap in the scope of protection if the commercial liability policy is formally excluded from absolute pollution.

• Environmental repair contractor coverage

  Environmental restoration contractors rely on pollution to clean up property. Related liability risks include: inadequate or incomplete repair, diffusion of contaminated soil during repair or excavation, atmospheric discharge of aquifers, rupture of underground pipelines or utilities, spillage or leakage from contractor's tanks, incompatible mixes The material or waste causes fire, explosion, harmful vapor emissions and incorrectly installed water tanks.

Insurance for real estate buyers and mortgage lenders:

• Environmental site assessment scope

  This assessment is actually an inspection service provided by an independent engineering company approved by the underwriter. Environmental site assessments should be accompanied by review and application of the lender's environmental costs or property transfer liability insurance policies. Both real estate buyers and lenders need this type of insurance to protect them from the responsibility of similar super funds, which may come from pollution of properties that were not discarded before they were sold. This type of insurance protects the insured from the unforeseen expenses associated with the cleanup of pollution found after purchase.

For a more in-depth discussion of environmental insurance, please consult an independent insurance professional.

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