Environmental liability insurance is a great thing. Pollution is a sticky (dirty?) subject when it comes to most insurance companies. To get coverage against inadvertent pollution caused by negligence or accidental damage during a construction project or other job, individuals and businesses have often had to look far and wide for good (let alone the best) coverage.
So how does green liability insurance work, you may ask? Here’s how in a nutshell or two (there’s a nature-related metaphor for you). Many companies operate on property (or own businesses on property) that is affected inadvertently by pollution. Sometimes an unexpected shift in policy or industry regulations causes a company to be making pollution that was not considered illegal or damaging before.There are all kinds of liability insurance for companies that work with the environment. You can even get insurance to clean up polluted sites! Here are some different coverage options:
- Protection against third-party claims related to professional liability. You never want to be caught without this coverage, because otherwise you are vulnerable to all kinds of litigation.
- Coverage against outside pollution claims. These claims tend to arise after pollution is discovered, which in turn is usually after the job is done.
- Cover for physical injury.
- Coverage for property damage.
- Cleanup costs. Gross in two ways! This applies to off-site damage as well as damage on the site.
- Coverage for pollution that occurs gradually.
- Coverage for pollution that occurs suddenly.