Pollution insurance is a type of insurance that covers costs related to pollution. This can include the costs of brownfield restoration and cleanup, liability for injuries and deaths caused by pollution.
Pollution insurance usually takes the form of first-party coverage for contamination of insured property either by external or on-site sources. Coverage is also afforded for liability to third parties arising from contamination of air, water, or land due to the sudden and accidental release of hazardous materials from the insured site. The policy usually covers the costs of cleanup and may include coverage for releases from underground storage tanks. Intentional acts are specifically excluded.
One of the purposes for such insurance policies is so that when companies that cause environmental disasters go bankrupt, the victims can still be compensated. The insurance may also protect against cost overruns or regulatory changes that increase the cost of cleanup. The director of China's EPA (SEPA) has called for imposing mandatory pollution insurance on polluting industries.
Contact us to learn more about the right pollution insurance for you.
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