Basic Principles of Environmental Insurance
1 hour 30 minutes
Ensure you have the appropriate coverage with your environmental insurance.
Environmental pollution and contamination and other issues involving environmental damage and impairment arise frequently in business operations worldwide. In addition to major environmental catastrophes such as the Deepwater Horizon Gulf of Mexico oil spill and the Fundao mining damage collapse in Brazil, long term operations also have negatively impacted the environment by way of the use and disposition of various hazardous materials and products. Finding ways to insure the risks associated with environmental impacts is challenging and has become more challenging as environmental risks have received greater public attention and grown in magnitude. This topic will help the persons responsible for identifying and obtaining insurance for environmental risks to understand what insurance products are available in the marketplace to cover such risks, and some of the specifics and details of the available types of coverage. The topic also explains the historical context in which environmental insurance coverage has developed and changed over the last 50 years. This material is critical for businesses addressing difficult issues of environmental risks and seeking to identify and implement creative and effective means of transferring and mitigating such risks through insurance.
• You will be able to describe the various types of insurance coverages currently available for environmental pollution/contamination/damage.
• You will be able to recognize the difference between policies providing broader coverage for environmental/pollution issues and those providing narrower coverage.
• You will be able to discuss the role of environmental insurance in corporate transactions.
• You will be able to explain the development of specific environmental insurance coverage policies/products.