What is Environmental Insurance?

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There are hundreds of different insurance policies available.  Some of them are specifically designed to assist individuals and others are for the benefit of commercial concerns.  What is certainly true is that all policies are there to assist you in recovering after a disastrous event has occurred.

Whether you are a business or a private individual it is worth consulting an expert to ensure you have all the policies you need in place.  A good insurance provider will tailor a package to suit your specific needs and help you to obtain the best possible price for your cover.  One of the best firms based in Worcester is Quaker Agency Inc.; their professional and friendly service is guaranteed to be of assistance to you.

Environmental insurance is a specific type of insurance which is generally taken out by businesses to protect them from high fees and charges when dealing with an environmental issue.  However, it is also possible to take this type of policy out as a private individual; if you deem it appropriate.

Items covered include:

Clean Up

One of the biggest risks for many businesses is that their operating procedures produce pollution which must be handled properly in order not to damage the environment.  However, if either accidentally, or on purpose, these materials were able to leak into the surrounding soil then the firm or individual would have an environmental issue.  The first response to this discover will be to put a clean-up program in place; this should remove as much of the pollutant as possible.  However, this type of clean-up operation is not cheap; the costs could be crippling too many small businesses.  Environmental insurance is designed to cover the clean-up costs and any associated costs; such as business interruption.

Injury

Another risk, which is often covered by property insurance policies but can be dealt with through an environmental insurance policy, is the injury an environmental incident can cause to others.  Whilst in many cases this may be negligible there is the potential for a much bigger incident which could cause long term damage to someone’s health.  If this occurs it is important to know that your insurance policy will handle all the costs.  A life-long or life changing issue can be an expensive matter; particularly if care is required at all times.

Existing Problems

One of the biggest issues facing many businesses is taking over a new site only to find there are environmental contaminants contained within the site.  Alternative you may have already had an environmental incident and be keen to keep it contained in the future.  There are specific policies covering these scenarios; historical cover will deal with existing conditions whilst operational insurance can be used to deal with known risks which are currently contained but may cause an issue in the future.

It is important to note that the environmental cover is not normally included on any other policy.  It is, therefore, essential to take out your own policy if there is any risk at all that you may cause pollution.

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