All businesses should evaluate their environmental liability risks and assess how their operations may impact the environment.
Whether through natural occurrences or human activities, the release of pollutants in various forms such as gases, powders, or liquids can gradually harm the surrounding environment, often without the business’s awareness.
Non-compliance with regulations or failure to uphold proper standards can result in significant financial burdens, including clean-up expenses, remediation costs, fines, and even legal repercussions such as imprisonment.
Conventional public liability policies typically offer limited coverage, focusing on third-party bodily injuries or property damage resulting from sudden and accidental pollution incidents, excluding gradual pollution sources. This coverage gap underscores the necessity for environmental impairment liability insurance, also known as environmental insurance, which provides protection for clean-up costs and more.
What Does Environmental Liability Insurance Cover?
Environmental liability insurance policies vary among insurers, necessitating businesses to thoroughly understand their policy terms. However, typical coverage may include:
• Own site clean-up costs
• Third-party clean-up costs
• Investigation and defence costs
• Gradual pollution for third party legal liability during policy period
• Cover for both new and pre-existing pollution incidents—each may have their own limits of liability, terms and excesses
• Bio-diversity damage or environmental damage to protected sites or sites of scientific interest
• Business interruption in the event production needs to stop or there is intervention by a regulator
Given the variability in environmental impairment liability policies across insurers, Kennett Ireland ensures that clients receive tailored coverage aligned with their specific business requirements.
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