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Insuring Environmental Disasters

Insuring Environmental Disasters. Pollution Liability Insurance Rick C. Craig, CIC, LUTCF Insurance Agent (for past 23 years) ECM Solutions Charlotte, NC & Greenville, SC. Would My Insurance Policy Cover This? . ASTs/USTs Tenants Meth Lab Waste Oil Tank Installations

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Insuring Environmental Disasters

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  1. Insuring Environmental Disasters Pollution Liability Insurance Rick C. Craig, CIC, LUTCF Insurance Agent (for past 23 years) ECM Solutions Charlotte, NC & Greenville, SC

  2. Would My Insurance Policy Cover This? • ASTs/USTs • Tenants Meth Lab • Waste Oil • Tank Installations • Transportation (Loading & Unloading, Collision, Upset or Overturn) • Merchandise after a pollution incident (Health Dept. Shutdown) • Newly Purchased Real Estate • Carbon Dioxide for soft drink machines • Construction sites • Illegal Dumping onto your property • Malfunctioning HVAC, Ventilation, or Refrigeration

  3. Why Purchase Pollution Insurance • Why purchase Pollution Insurance: The risk of pollution may seem like somewhat of an obscure one, but it is one that could arise at any time. New forms of pollution and contamination are frequently being discovered, often with the result of a large (and generally successful) lawsuit due to third-party bodily injury or property damage. • It’s more affordable these days: Many risk managers feel more comfortable paying a fixed amount of premium, and obtaining the peace of mind, rather than paying for a catastrophic loss out of profits.

  4. Conclusion • Insurance agents have tools to help you assess your exposure to pollution, match coverage to your exposure, and then prepare a quote. • Examples of coverage/premiums • Pollution is an unpredictable, costly exposure that your business needs to consider as part of its risk transfer strategy. While a lot of pollution-related incidents can be prevented, there is always the possibility for an environmental event to occur. That is why pollution insurance is a an option worth considering.

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