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Sponsored by Lorman Education
Product ID: 408869EAU
 
Credit & Course Provided by:

Basic Principles of Environmental Insurance

OnDemand Webinar (89 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.

Authors

John D. Shugrue, Reed Smith LLP

Agenda

General Overview of Environmental Insurance Coverage

• Historic Third-Party Liability Coverage

• Transition From Absolute Pollution Exclusions to Time Element Coverage

• Development of Environmental Impairment Liability and Pollution Legal Liability Policies

• Environmental Coverage in First-Party Property Policies

• Environmental Insurance Coverage in Other Types of Policies

Historic Third-Party Liability Coverage

• Policies With No Pollution Exclusions

• Development of Limited Pollution Exclusions

• Development of Absolute Pollution Exclusions

Transition From Absolute Pollution Exclusions to Time Element Coverage

• Development of Absolute Pollution Exclusions

• Problems With Applying and Interpreting Absolute Pollution Exclusions

• Development of Time Element Pollution Coverage Buy-Backs

• Specific Elements/Features of Time Element Pollution Coverage Buy-Backs

Development of Environmental Impairment Liability and Pollution Legal Liability Policies

• EIL and PLL Coverage as Outgrowth of Absolute Pollution Exclusions in General Liability Policies

• Specific Elements/Features of EIL and PLL Policies

• Role/Usefulness of EIL and PLL Policies in Corporate Transactions

Environmental Coverage in First-Party Property Policies

• General Approach of Excluding Coverage for Pollution/Contamination

• Ensuing Loss/Resulting Damage Exceptions to Pollution/Contamination Exclusions

• Coverage Extensions for Decontamination and Related Expenses

Environmental Insurance in Other Types of Policies