Environmental Risks Insurance

Environmental Risks – What is it?

There is a growing awareness of environmental concerns and tougher environmental regulations from all levels of government, it has become more necessary for companies to take steps to protect themselves against environmental risks.

Environmental Risk Insurance is becoming an increasingly important cover for all businesses. Not just the increasing liability exposures which can impact their bottom line but also the increasing legislation allowing for heavy fines and penalties. Then there is the often forgotten resulting damage to both a business’ reputation.

Pollution can bring about a number of risks and exposures for companies and many standard business insurance policies provide only partial cover for some of the risks that arise when an industrial pollution event occurs. Usually it may be limited due to various policy exclusions.

Sudden and accidental pollution may be covered but events such as the gradual pollution of an area due to a slow leak or contamination may not be. This type of pollution is hard to identify but can be environmentally disastrous, not to mention a financial catastrophe for any company.

Companies without an Environmental Risk policy may also encounter potential grey areas surrounding various types of pollution incidents. This makes it difficult to prove it fits in with the coverage provided when making a claim. Remediation work or restoration, may also be specifically excluded.

Some insurers now offer carefully worded policies to protect companies against the financial risks involved in environmental pollution so that a business is covered if the unfortunate event of environmental pollution occurs.

What does Environmental Risk Insurance cover?

These policies seek to provide cover against the financial risks involved with pollution. Pollution liabilities are no longer the impossible risk management problems they once were. Today, Environmental Risk Insurance offers a full range of environmental liability solutions, from traditional risk transfer for simple operational exposures, to custom structured programs designed specifically for complex merger, acquisition or liability relief transactions.

These Environmental Insurance policies can cover sudden and accidental pollution as well as gradual pollution and includes:

  • Clean-up costs
  • Consequential Loss caused by pollution
  • Third party bodily injury
  • Third party property damage
  • Third party clean-up costs
  • Defence costs
  • Fines and penalties (but not for criminal acts)

Who needs these types of cover?

Some Environmental Risk policies are structured to target particular businesses and the operational risks they may face, environmental liability offering can include:

  • Premises pollution liability
  • Contractors pollution liability
  • Remediation cost containment

These covers can be specifically tailored for industries such as:

  • Chemical Manufacturing, Blending and Distribution
  • Mining
  • Utilities
  • Bulk Storage
  • Laboratories
  • Industrial Facilities
  • Recyclers
  • Landfills
  • Water Treatment Plants
  • Waste Treatment Storage Facilities

In Conclusion

Overall, the benefit of an Environmental Risk insurance policy is that it can fill the gaps in pollution liability coverage that exist in a company’s existing insurance policies. This can significantly reduce exposures that may be uninsured under the business’s pollution liability policy.

It is important that environmental liability covers go further than mainstream offerings. We help our clients identify potential risks, determine either risk transfer or alternate solutions to minimise potential impacts to your bottom line. So call CPR Insurance – experts who will save you!

Queensland Government Environmental Risks Web site

Examples of Claims Scenarios around the World

  

Latest News

CPR joins Ausure

We would like to announce to all our Clients, Prospective Clients, Suppliers and Insurers, that Cooper Professional Risks Pty Ltd trading as CPR Insurance Services, will be leaving National Adviser Services Pty Ltd (NAS) and joining Ausure Pty Ltd as a Corporate Authorised Representative from 5 March 2018.

Fundamentally, there is no difference to you, except our Invoices will look a little different, and the Banking details will be in a different name and account number. Everything else at CPR stays the same.

There are a number of reasons we have made this decision, but the primary reason is for what we believe is best for our clients.

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Special offer to CPR Insurance clients

Employsure are providing a FREE Business Health Check to all our clients and gives you the opportunity to receive an analysis of the health and safety requirements in your workplace. Also. Employsure  will review your employment agreements as well as your wage rates helping you to avoid workplace claims.

Ordinarily this would cost you at least $1,250 but because you are a CPR Insurance client, it is free!

It involves the following review for you.

SAFECHECK

A specialist Work Health and Safety Consultant will visit your workplace and carry out:

A review of your business’ current work health and safety policies, procedures and systems to identify areas of concern or non-compliance

Following the review, you will receive a report summarising the findings and the health and safety

Status of your workplace

WAGE CHECK

A Wages Adviser will review your rates of pay and produce a Wage Check report.

The review will be conducted against the industrial instrument applicable

A report will be supplied advising if the wages are compliant and what steps to take to achieve compliance

CONTRACT REVIEW

A Document Consultant will review an employment agreement and provide recommendations.

The review will highlight compliance issues with the Fair Work Act 2009 as well as best practice

The report will make recommendations to achieve compliance and provide protection to your business.

This will remove any areas of potential dispute and risk

So what do you have to lose? Contact us on 07 3123 1137 and arrange 

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