Environmental Issues, An Ever-Changing Landscape
Does your broker understand?
The demands for environmental compliance are continually changing. Most company stakeholders – customers, neighbors, shareholders, et al. – expect and assume that environmental stewardship is a management priority. If not, the potential for environmental liability escalates and can be devastating to a business.
Most standard insurance programs do NOT provide adequate protections for environmental liabilities.
Fortunately many insurance markets have responded to this deficiency and coverage is available; however, most insurance brokers have struggled to keep up with these changes. Worse yet, they are unaware of where to go or how to structure the pertinent coverage needed to protect their clients.
The answers to the following questions will help you evaluate your environmental issues and vulnerabilities:
- Has your broker explained the extent of coverage in your current program and have she/he specifically pointed out any pollution exclusions that may affect coverage for your property, operations or products?
- Has your broker asked for the history of your property and any environmental site assessments that have been performed?
- Have you met with your broker’s environmental resource? Are they local and can you access them directly with any questions or concerns?
- Has your broker demonstrated that he/she is keeping up with market changes by providing you in the past 24 months with a pollution legal liability coverage quote as part of your insurance program?
- Does your broker have relationships with the top environmental markets? Does your broker know which markets are best suited to underwrite your business?
Do you need answers to these questions? We can provide the counsel you need. Please feel free to contact me: (216) 350-5054 or firstname.lastname@example.org