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Environmental protection insurance is a specific insurance protection for environmental companies that provide professional services and external field operations. It’s a type of all-inclusive protection policy that includes contractor’s pollution liability cover and errors and omission cover. It effectively covers any gaps that may exist and is also a more cost effective way of buying pollution insurance. It avoids the necessity of having to buy separate insurance coverage’s with the associated variance in premiums and make working out any deductibles easier and they are all included in the one policy.

Expect an environmental protection policy to include as standard the following benefits:
* Combined pollution legal liability and professional liability cover in one policy.
* One single premium payment for the combined cover.
* Covers contracting, subcontracting and consulting work.
* Cover is worldwide.
* Provides cover for services and contract work undertaken by other companies on your behalf.
* Claims can be reported for a period of time after the policy has expired, providing the initial pollution incident occurred during the policy period.
* Policy includes terrorism, transportation, natural resources and microbial matters.
* The ability to reset and increase policy limits during the policy period if desired.

Many insurance carriers provide direct contact to pollution management specialists who can help and assist quickly in the event of a pollution incident occurring. Pollution management specialists can arrange for emergency response contractors, regulatory specialists and waste disposal companies to attend the pollution site in a timely manner. They can also manage community issues and deal with media questions.

Environmental protection insurance is considered mandatory if your company works for state or government-owned sites. Places such as the Department of Energy, the Department of Defense and the United States Environmental Protection Agency insist that adequate environmental protection insurance is in place.
Combined pollution and errors and omission protection cover is ideal for companies that not singularly involved in environmental issues. It is also available to purchase for one-off projects where under usual circumstances this type of protection isn’t required.

Some policies offer reductions in the deductible if mediation between the parties is agreed as opposed to court procedures.

As is the case with all insurance products, researching the market pays dividends. Not all insurance carriers offer the same terms and conditions and premiums and deductibles can vary significantly between companies. Understanding what you need to protect and the amount of cover you need is important in the decision making process. Talk to professional independent brokers and advisors before purchasing the cover. Compare the different insurance schedules and particularly read any exclusions that may apply. All insurance companies will provide you with a copy of their policy wordings for you to read prior to making your final decision.

Accidents can happen, no matter how careful you are and what preventative measures you have in place. Ensuring you are prepared by having the correct environmental protection insurance in place provides peace of mind and means you can get on with operating the side of the business you know best.

Learn more about Environmental Consulting Insurance here and visit Beacon Hill Associates here.

Asbestos was once considered as a miracle man-made construction product. It was used by most industries such as engineering and construction from the early 1940’s through to the 1970’s.

However, it was discovered that asbestos can cause life-threatening diseases such as asbestosis and lung cancer. The problem is the number of years it takes to cause an illness which typically can be 20 to 50 years and therefore no-one was aware of the risks, until the damage had long been done. Asbestos contains minute fibers that float in the air. These are then inhaled and cause irritation in the lungs which over time cause serious diseases.

While asbestos is no longer used claims from those persons exposed to asbestos continue to rise and are expected to rise until around 2020. Estimates suggest that 80 percent of U.S. companies may have some form of exposure to potential liability claims. It is therefore important that companies that used asbestos in the past undertake a review of their potential liability to asbestos claims.

Any company that used asbestos at any time could be at risk of getting claims from employees past and present. Initially a company needs to try and calculate its degree of risk. When assessing the risk a company needs to take account of the following factors:
* Calculate the number of employees that were exposed to asbestos throughout the period that it was used. This provides your maximum potential liability to claims, but the actual number is likely to be less, as not all persons exposed contract the diseases.
* Find out what type of asbestos was used by the company. For example, blue asbestos is far more dangerous than white asbestos. Group the employees into those exposed to each type if possible.
* Ascertain what protection, if any, was afforded to the employees during contact with asbestos. Did the company provide protective clothing or face masks. Were adequate warning signs displayed?
* Check whether the company has acquired other companies that may have had exposure to asbestos.

This initial fact finding study enables a company to work out a strategic approach as to how to manage potential claims.

A company then needs to check through insurance documentation past and present so ascertain what coverage was in place and the policy claim limits. Importantly the policy exclusions need to be studied carefully. If a company’s insurance policy covers asbestos claims, then all or some of any claims presented may be offset under the policy. If there wasn’t insurance coverage then a company will be directly liable for any claims, including the cost of litigation, unless out of court settlements can be arranged.

Attempting to calculate the potential monetary figure involved is a difficult task. However, if a company researches other claims made and settled it can roughly work out its potential liability and reserve accordingly. Successful management of a company’s liability to asbestos related claims will help protect the company from unnecessary financial loss and enables a company to continue to plan for the future.

Find out more on Contractors Pollution Liability from Beacon Hill Associates and how we can help you.