Environmental Liability

As some companies physically reopen and look to have employees return to work in some form or other, there are numerous logistical matters to consider.

“Contractors pollution liability terms and pricing continue to remain competitive, but site pollution liability is another story,” says independent agent Bill Howard. “Markets are certainly more conservative and carriers are offering short-term policies.”

The advent of environmental, social and governance (ESG) programs has created opportunities for agents as the information for evaluating such risks is more readily available.

For an agent looking to enter the environmental insurance market, here are four tips to ensure you provide the coverage your client needs.

“It’s important to keep in mind that the contract wording varies from insurer to insurer,” says independent agent Bob Reynolds. “As a largely nonstandard line of coverage, the terms and conditions can vary widely.”

In a world where the top five global risks identified by the 2020 World Economic Forum are environment-related, increased exposures and liabilities are setting the market up for a complete evolution.

Demand for environmental liability insurance is on the rise, but lack of experience poses a challenge in a complex market.

As other markets ebb and flow, environmental liability insurance usually remains unaffected—but new exposures may be starting to bubble up from below the surface.

Changes in the environmental liability market means that “exposures can be found in all types of businesses,” says independent agent Bill Braley. “Coverage for environmental exposures has moved well beyond regulatory compliance and obvious pollution expos

Ironshore Environmental’s new product provides an additional option for insureds to broaden their protection for pollution exposure associated with their products and helps fill policy coverage gaps.