Commercial Environmental Risks
There are various types of insurance available covering Environmental Pollution liability, the main policies are:
Third Party Liability
This policy will normally protect the insured against unexpected losses arising from unknown pollution in respect of:
- Third party claims for property damage or bodily injury
- Clean up costs on and off site
- Legal defence costs
- Costs of investigation
Remediation cost cap
This policy covers costs over-run in excess of agreed remediation costs to clean up known pollution.
A lender's security may be affected by contaminated land and if the lender takes possession they may become primarily liable designed to protect the lender against these liabilities.
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