environmental insurance - gregor riese - alga oct 2015
TRANSCRIPT
Environmental Insurance
Gregor RieseProperty & Risk ManagerOneSteel Recycling
What are we talking about?Environmental Pollution Insurance – property owners and business operators*Other related insurances:• Contractors Pollution Liability –
companies working on third party sites• Professional Indemnity Insurance – for
consultants
What do they do?Designed to deal with pollution and waste issuesRelevant because:
environment legislation is changing cleanup costs are more onerous and expensiveexisting policies may give you no protectionpenalties higher
Mind the Gap
Existing general insurance products: - General Liability Policies- Industrial Special Risk You are not covered for a whole range of bad things that can happen* Case studies highlighting exclusions (eg pollution)
5
General Liability Policies vs. Environmental Policies
Gradual Release
StatutoryEmergency
Costs / preventative
Measures
Statutory Cleanup
of 1st party
property
Statutory Cleanup of
3rd party property
1st party business
interruption / economic
loss
Biodiversity Historic pollution
General Liability
NO NO NO NO NO NO NO
Environmental
YES YES YES YES YES (not as standard)
YES YES (not as
standard)
NSW EPA WebsiteAustralian Environment Business Network initiativeWho should consider having EPI cover?
Any business that uses or stores non-trivial amounts of chemicals or hazardous materials that could damage the environment or affect other people’s property should consider EPI cover as they run the risk of causing a pollution incident and incurring associated liabilities.
http://www.epa.nsw.gov.au/pollution/epi.htm
EPI and Property Transactions
How to get Environmental Insurance
How to get Environmental Insurance