There is now intense pressure on organisations to behave in a social, ethical and environmentally accountable manner.
Corporate governance, compliance and social responsibility are becoming increasingly important considerations for existing shareholders, potential investors and lenders.
Environmental Liability Insurance covers costs related to contamination of air, water or land due to the sudden and accidental release of hazardous material from your business. These can include the costs of brownfield restoration (land previously used for industrial or some commercial uses) and cleanup, as well as liability for injury or death caused by pollution. The policy may also protect against cost overruns or regulatory changes that increase the cost of cleanup.
It is difficult for businesses to understand their environmental risks and organisations need to be aware that in many instances their liability insurance policies will not cover them for pollution liabilities.
There are different types of Environmental Liability Insurance products available, and these include:
Premises Pollution Liability Insurance
Contractors Pollution Liability Insurance
Tank Safe Storage Tank Liability Insurance
Healthcare Premises Pollution Liability Insurance
Cover under these policies can extend to include cover for:
Sudden, accidental and gradual pollution
Remediation costs for pollution emanating from your business location
Remediation costs for claims from government agencies for pollution emanating from your business locations
Cover for injury or property damage to third parties
Legal defence expenses for any claims covered under the policy
Cover for emotional distress or mental anguish claims
Cover for natural resource damage claims
Find out what Austbrokers Countrywide can do for you. For an obligation free insurance review, talk with one of our specialist brokers today to find out more.