Once viewed as a discretionary buy, environmental insurance today is a necessary part of business and risk management: it facilitates real estate property transfers and financing and private equity funding; enables industrial companies to keep pace with regulatory requirements; gives those managing everything from infrastructure projects, to healthcare organizations, to higher education institutions vital assurance that a serious threat to both their balance sheet and their reputation is effectively addressed.
Environmental exposures emerge from owned, leased or managed locations; acquisitions, divestitures or other transactions; day-to-day or discontinued business operations. Our Environmental Practice knows where to look to unearth environmental exposures -- and we understand the business issues that wraparound these risks.
Our specialists will perform a detailed due diligence review of environmental assessment data. We analyze all facets of our client's environmental risk and recommend both insurance and noninsurance options to most effectively mitigate the exposures. Always, we are mindful of a twofold goal: protecting not only our client's financial assets, but their brand reputation as well.
When properly structured and implemented, insurance and risk financing solutions can be a cost-effective way to protect a balance sheet against environmental risk. They can also build that balance sheet by, for example, facilitating property transfers or asset acquisitions.
We enable clients to weigh both traditional and alternative solutions that zero in on the issues that matter to them today -- and advance the goals they want to achieve for tomorrow. The exposures we can address include:
Solutions are developed for remediation, bodily injury and property damage that owners, lessees and operators face from on site and off site, pre-existing and new conditions. We can also address key issues such as: natural resource damage, regulatory re-openers, transportation exposures, non-owned disposal sites, and aboveground and underground storage tanks. Insurance programs can be structured on a single or portfolio basis; multi-year policies can span up to ten years.
Solutions can be provided to address ongoing clean up costs, enabling clients to manage them within budget and remove them from the balance sheet.
Solutions can protect contractors against third party bodily injury and property damage claims arising from work performed at a job site that creates pollution conditions or exacerbates existing pollution conditions. Insurance programs can be designed to cover contractors or the project owner, its contractor and all tiered sub-contractors working at a jobsite. Additional issues can also be addressed, including: natural resource damage, microbial matter (mold), transportation exposures, and non-owned disposals. Programs can be structured on a multi-year term of up to 10 years.
Solutions can be structured to protect lenders when environmental conditions must be remediated on a property that goes into default -- and to facilitate needed financing for property owners. Policies can also address third party liability claims a lender can face, such as liability for cleanup costs, bodily injury, or property damages caused by contamination.
Professional liability coverage is essential for environmental firms providing design and engineering services. Insurance can protect the environmental firm and those performing services on its behalf. Solutions can also address key issues such as: microbial matter (mold), transportation, and non-owned disposal sites. Programs can be structured to meet project-specific contract requirements.
Risk Strategies provides the insights and options clients need to make well informed decisions when weighing the most critical risks to their balance sheet and reputation.