ENVIRONMENTAL INSURANCE. STRIMA CONFERENCE Austin, TX September 19, 2012
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1 ENVIRONMENTAL INSURANCE STRIMA CONFERENCE Austin, TX September 19,
2 What are some of the exposures? 1 Asbestos/Lead Based Paint/PCBs (transformers, masonry and caulking) Indoor Air Quality/Mold/Legionella Stadium/Convention/Hospitality/Housing/Educational Facilities Laboratories/Chemical Labs Medical Facilities Maintenance Facilities/Dept. of Public Works Operations Water & Wastewater Treatment Plants/aging infrastructure Incinerators & Waste Management Sites/Operations Legacy contamination (gifted or newly acquired property)
3 Risk Management Tools 2 Sovereign Immunity Contractual Risk Transfer Insurance Specifications for various trades requiring Environmental/Pollution Coverage Loss Prevention and Countermeasure Plans Standard Casualty-Property Insurance Programs Environmental Insurance Policies Storage Tank Policies Site Specific Pollution Liability Policies Contractors Pollution Liability Policies Environmental Professional Liability Policies
4 What is in the standard casualty-property risk management program? General Liability (ISO) Exclusion (f) Pollution Endorsements (further restrictions to coverage): Absolute Pollution Exclusion Total Pollution Exclusion Asbestos Exclusion Lead Liability Exclusion Silica or Silica Mixed Dust Exclusion PCB Exclusion Formaldehyde Exclusion 3
5 General Liability (cont d) Business Auto (ISO) Total Radioactive Materials Exclusion Electromagnetic Radiation Exclusion Fungi or Bacteria Exclusion Exclusion MTBE Exclusion 11 Pollution Endorsements: MCS 90 (regulatory financial responsibility) CA 9948 Pollution Liability Coverage 4
6 Commercial Property Insurance Limited Pollution Cleanup/Removal of Debris Coverage Typically low sublimit to the overall policy limit Must result from a Covered Property Peril Policy will have environmental exclusions: Asbestos Lead PCBs Mold/Fungus 5
7 Now the Energy Sector: Commercial General Liability Exclusion (f) Pollution Endorsements: Named Peril/Time Element coverage giveback to Exclusion (f) Plus exclusionary endorsements for asbestos, lead, PCB, etc. 6
8 Pollution Liability Insurance (broad definition of pollutants) Facility/Site Pollution Coverage: Third Party Bodily Injury (includes mental anguish/distress and medical monitoring) and Property Damage (includes diminution in value and natural resource damage) First Party Cleanup Costs Defense (inside the policy limits) First Party Business Interruption/Extra Expense First & Third Party Transportation Third Party Disposal Sites 7
9 Contractors Pollution Coverage (broad definition of pollutants) t Third Party Bodily Injury, Property Damage and Cleanup Costs Defense Costs Covered Operations including transportation (first and third party) and nonowned disposal sites. 8
10 Hydraulic Fracturing/Fracking O&G Lease Operators Pollution Legal Liability coverage is available from a select few of the environmental markets. It is provided excess and difference in conditions of the coverage the Operator would have in place such as Operator s Extra Expense, General Liability/Excess and Commercial Property. Contractors (oilfield/drilling/hydrofracking) Contractors Pollution Liability coverage is available from most of the environmental insurers. 9
11 ENVIRONMENTAL INSURANCE Q AND A Thank You. Beverly McCoy Senior Vice President Willis North American Environmental Practice Houston, TX 10
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