Cost overrun and risk transfer solutions for your remediation projects
Environmental Remediation Cost Cap Coverage provides cost overrun protections to owners or contractors when faced with a long-term environmental remediation project.
These policies are designed to pick up cost overruns on a remediation project if it goes beyond the projected budget.
But, when determining if a remediation program is sound and its costs allowed, carriers typically have stringent underwriting rules for remedial action plans (RAP). Policy limits are generally based upon the costs identified in a RAP and are subject to a negotiated self-insured retention. Some carriers may also include a co-insurance provision. Policy terms can be written for up to 10 years.