From mold to pesticides to radiation, companies can be held liable for releasing substances of this nature. This policy covers third-party claims alleging bodily injury or property damage due to the pollutants a company released.
Pollutants include many substances, such as mold, radiation, fertilizer, pesticides, industrial chemicals, heavy metals, sewage, to name a few. Sometimes, companies release these toxins unknowingly, exposing those around them to harmful materials. As a result, they often face costly lawsuits and settlements. Consider the wave of asbestos claims in recent years — the legal expenses were immense. Insurers responded to this unique risk by developing pollutant insurance, also known as environmental insurance.
Manufacturers
Some businesses run the risk of releasing hazardous materials amid their daily operations. Consider manufacturers like agribusiness, excavation, waste depositories, or construction.
Contractors
Often, contractors need clean-ups on a job site during or after a project. This policy protects against costly lawsuits in which a toxic substance (from your company) injured a third party.
Property owners
Businesses that own property, such as an industrial site, could face pollution liabilities, making this coverage an excellent protection to have.
Why you need Pollution Insurance
Summary
Pollutant insurance covers third-party lawsuits alleging the company’s pollutants cause bodily injury or property damage. It’s no surprise that these particular claims are increasing daily, cost-wise and frequency. If your company handles pollutants in any way, you risk accidental release (i.e., spills, leaks, etc.) every day. Pollutants insurance protects your company against this vulnerability, so you can continue to grow your business and improve your industry.
Reasons for getting Pollution Insurance
Protects companies against costly pollution litigation
Extends liability coverage to ensure no gaps in liability policies
Protects victims and their property against pollutant injuries and damages
Landlord liability
If pollutants are found on your property, tenants could sue you for any resulting damages or injuries.
Expensive lawsuits
Lawsuits arising out of pollution are a primary source of loss for companies facing this risk.
Additional costs
The costs of testing, monitoring, and cleaning up pollutants is another main reason company’s face pollutant-related loss.
What Does Pollution Insurance Cover
You will have to consult your policy documents to confirm exactly what coverage your insurance provides but here are some examples of what is covered by pollution insurance:
Bodily injury
This policy covers pollution-related injuries, illnesses, or deaths.
Property damage
Clean-up, monitoring, and ongoing evaluation of environmental damage is covered by pollution insurance.
Litigation costs
Third-party lawsuits costs can become astronomical, but pollution insurance covers these defense fees.
Pollution Insurance Claim Examples
Here are some claim examples that illustrate what Pollution Insurance covers
If an accidental release (or the discovery of an existing pollution condition) happens, there will be emergency expenses required to reduce any imminent threat to people or property. There will be ongoing costs to evaluate and monitor the extent of the environmental damage. Substantial costs associated with containing, neutralizing and/or removing the pollutant will follow soon after. Nearby property that was damaged will need to be replace. Not to mention people who were injured and may sue for current medical costs, ongoing medical monitoring and mental anguish they experienced as a result.
Pollution Insurance FAQs
While every business faces unique risks, the cost of this policy largely depends on company size, developmental stage, history, and location.
How it works
Finding insurance coverage doesn’t have to be painful. We aim to make the purchasing experience as streamlined & intuitive as possible.
1
Get a quote
Use our custom built online portal to get quotes fast. We automate clerical tasks that plague the traditional insurance brokerages, giving us more time to be responsive and alert to your company’s needs.
1
Get a quote
Use our custom built online portal to get quotes fast. We automate clerical tasks that plague the traditional insurance brokerages, giving us more time to be responsive and alert to your company’s needs.
2
Pair with a specialist
No two organizations are the same. Our team of coverage experts partners with your team to engineer your risk management strategy, together. We take the time to understand the intricacies of your company to get you the best possible coverage.
2
Pair with a specialist
No two organizations are the same. Our team of coverage experts partners with your team to engineer your risk management strategy, together. We take the time to understand the intricacies of your company to get you the best possible coverage.
3
Stay one step ahead
To do better, you need to know better. With changing political, technological, legal and economic landscapes, staying ahead of the curve is critical.
Our in-house team is tapped into the latest developments of your industry, proactively ensuring you’re covered.
3
Stay one step ahead
To do better, you need to know better. With changing political, technological, legal and economic landscapes, staying ahead of the curve is critical.
Our in-house team is tapped into the latest developments of your industry, proactively ensuring you’re covered.
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