Pollution Exposures for Sites & Facilities
There are many issues that must be addressed when discussing site exposures with your insureds:
- What has the property previously been used for?
- What will the property be used for in the future?
- What policy limit of insurance will cover your contractual needs or make you feel safe in the event of a loss?
- Â Are you concerned with first party triggers or will third party be enough?
- Will you want pre-existing coverage, new conditions only, or both?
Being a â€œFree Agentâ€ in the Insurance Purchasing Process
By Allison McGreal, Assistant Vice President
In this era of free agency, what if the insurance industry operated like the National Football League?Â When the â€œcontractâ€ (insurance policy) expires, will your â€œfree agentâ€ (insured) take their business out to the marketplace to try for a better deal or have you locked them up for the long term?Â Have you made them value your services as an agent and more importantly, have you made them feel valued?
We often assume an insured is only concerned with premiums, but in the event of a loss, all they care about is whether or not the claim is covered.Â Most insureds donâ€™t understand the intricacies of their insurance policy and which exclusions apply. But thatâ€™s why they have an agent. They expect their agent to find the broadest coverage for the best premium and make sure all gaps are filled. Itâ€™s quite a challenge, but one that most agents are up for. The key is to have conversations with their clients, early and often, about expectations.
$1M Fire/water damage restoration contractor purchased CGL/CPL/E&O with Mold ($5M/$5M) for $30,000.
$450k Environmental drilling contractor purchased CGL/CPL/E&O and a $2M Excess policy for $9,500. The insured had a separate GL and CPL/E&O but decided a combined policy was more effective.
$600k Medical laundry facility purchased an EIL policy for $3,300. The insured purchased a former manufacturing facility to convert to a commercial laundry. The purchase of coverage was driven by concerns over historical impacts to the subject property.
$380k Environmental contractor/asbestos abatement contractor purchased GL/CPL for $7,815.
$590k Soil remediation, emergency response, and hazmat training contractor purchased GL/CPL/E&O and a $10M Excess for $23,932.
$655k New venture fire/water restoration contractor purchased GL/CPL/E&O for $7,600.
$1.25M Fire/water restoration contractor with mold remediation and consulting purchased GL/CPL/E&O for $20,820.