Insurance to Manage Remediation Costs and Risks
In this webinar we were pleased to have as a special guest speakers Jeff Carnahan, President of EnviroForensics, and Richard Reich, Managing Director and Central Regional Leader at Aon Risk Services Central. Their presentation discussed historical and contemporary insurance to help manage remediation costs and risks.
Highlights of this free webinar:
- Contemporary insurance products intended specifically to offset risks in today’s environmental market
- How modern specialty insurance products can solve the threat of an environmental release and the threat of legal action being taken against a policyholder due to environmental issues
- Types of existing coverage that may be useful in paying for environmental contamination
- Types of new coverage that are available to responsible parties and practitioners to help them manage their risks
Believe it or not, General Liability (GL) insurance policies purchased during the 19th and 20th Century are still being used today to pay for environmental cleanup. This is through the benefits of occurrence coverage. Due to the increase in environmental-related claims in the 1970’s and 80’s, insurers began to restrict environmental coverage on GL policies, and today’s GL policies have only limited pollution coverage. However, insurers have separately developed contemporary products intended specifically to offset risks in today’s environmental market. Typical problems solved through modern specialty insurance products can include the threat of an environmental release, the threat of legal action being taken against a policyholder due to environmental issues, or the threat of encountering environmental unknowns during remediation projects. This presentation will help the audience understand what types of existing coverage may be useful in paying for environmental contamination, and what types of new coverage are available to responsible parties and practitioners to help them manage their risks.