Environmental

Since standard business liability coverage only provides minor protection for damage caused by contaminants, companies that keep or manage potentially lethal materials typically obtain a separate insurance policy called environmental liability insurance. This type of policy protects businesses from environmentally based incidents. Some causes are visible, such as the substances used to manufacture products, while other elements are unseen like leaks that sometimes occur from holding tanks. These leaks may pollute property or structures. Environmental damage can happen quickly, or it can begin slowly and build over time. Many companies face contaminant exposure that can negatively affect their business model. These exposures may come from the storage of materials along with air emissions that emanate from heating devices or other machines.

Pollution liability insurance covers the loss of property as well as a company’s liability for pollution related damage. These types of policies may also cover claims made by third party individuals and the legal expenses that come with dangerous environmental incidents. Bodily injury and financial losses due to business interruption are also covered.

At Risk Transfer Partners, our environmental liability insurance and pollution liability insurance policies can be created to act in response to requirements made by the federal government. For instance, transport ships must have an indemnity for pollution cleanup. This clause covers oil spills and toxic chemical leaks. In addition, companies that use underground storage tanks can prove to federal regulators that they are prepared to deal with the financial cost of cleanup by taking out a pollution liability insurance policy.

Risk Transfer Partners stays abreast of federal and state regulation changes to make sure that their covered companies have the environmental liability insurance protection they need.