nvironmental liability insurance is important for companies that are involved in activities that may cause some form of damage to the environment. For example, an oil company that causes a spill in the ocean would certainly benefit from having environmental insurance. While these businesses can also get standard liability coverage, this form of insurance does not provide much coverage for environmental and pollution related matters.
For those getting environmental insurance, you can rest assured that it includes coverage such as clean-up requirements, injury, property damage and any claims from third parties. Legal expenses involved with the pollution or contamination are also covered.
There are other types of environmental liability insurance that a company can purchase. For example, there are environmental consultants’ errors and omissions policies, which will cover any consultants who may advise companies about the environmental impact or ramifications of their decisions. Firms who often end up analyzing hazardous materials in the soil or air may require some form of environmental laboratory testing coverage.
Here is a look at five companies that offer environmental insurance:
Quakerma offers a variety of specific environmental insurance policies, pertaining to contractor’s pollution liability, environmental impairment liability, products pollution, general liability, professional liability and excess liability for larger companies. The excess liability can go as high as $10 million, with the other forms of coverage having their own minimum and maximum limit levels. There are even specialty coverage's, such as mold coverage and restoration contractor coverage, available through Quakerma.
One of the best known insurance companies in the world, Travelers offers site pollution liability, contractor’s pollution liability and general liability insurance pertaining to environmental practices. These insurance options provide coverage for bodily injury, pollution cleanup expenses, legal expenses directly related to the pollution and property damage.
AIG has two main offerings related to environmental insurance: the PIER Program and the EAGLE Program. The Pollution Incident and Environmental Response, or PIER, Program provides 24/7 support and access to a cleanup crew in the event of a natural disaster related to the client’s activities.
The Environmental and General Liability Exposures, or EAGLE, Program is ideal for companies that are dealing with the liability fallout associated with their actions.
Similar to AIG, Zurich Insurance offers both cleanup and liability coverages in relation to environmental insurance. This is ideal for businesses around the world who want a reliable partner that can help them when an environmental accident occurs at or near one of their sites. Zurich Insurance also helps companies deal with regulatory requirements and the hiring of environmental contractors.
Great American Insurance Group
Having been offering business insurance for around 18 years, the Great American Insurance Group is one of the best known companies in terms of offering environmental insurance. Not only does the company provide a wide range of liability protections in case pollution or an environmental disaster takes place, but they also offer 24/7/365 emergency services for companies that may need assistance related to an environmental cleanup.
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