subject: Why Contractors Need Environmental Insurance [print this page] No matter how careful you are, you'll be able to never eliminate all exposure to hazardous materials or waste onconstruction jobsites. Improving quality control, material handling procedures, conducting website surveys, and updating work policies will facilitate forestall accidents and exposure and improve work site health and safety, but these steps alone could not be enough to guard your clients. You should be concerned concerning the money impact of lawsuits against your shoppers, it might be a wise business decision to investigate environmental insurance and weigh the costs against the potential damage from litigation. As additional and more attention is concentrated on environmental safety and cleanup in recent times, those in the development industry have conjointly become more tuned in to their risks. Many contractors and land developers are forced to defend huge claims or to pay giant fines resulting from pollution at their work sites. Some of those businesses received their funding from lenders.
These boutique lenders are currently foreclosing on business projects and realize themselves in the chain of possession and ought to additionally be taking action to limit their exposures.
On July twelve, 2007, for example, Missouri Attorney General Jay Nixon issued a press release saying that many St. Louis space developers had been found responsible for polluting streams and lakes with runoff from construction sites and can pay one among the largest penalties of its kind in Missouri history, a total of $590,00zero in fines. (http://www.usdoj.gov/opa/pr/2007/July/07_enrd_496.html) This sort of fine should function a wakeup call for any firm to reexamine its procedures and to consider environmental insurance coverage. Fines, penalties, and punitive damages will be insured in environmental insurance policies.
It has been widely known that contractors can face environmental exposures in four major areas of their operation. These are job site operations, owned or leased properties, transportation, and disposal liability. While contractors might be vigilant regarding avoiding jobs where website contamination exists, that is solely kind of risk. A nice number of unpredictable or uncontrollable dangers exist on construction sites that will generate a big selection of exposures to air, soil or water contamination. It's not uncommon for contractors or developers to uncover barrels, tanks or other containers of doubtless hazardous materials once the project has started. Depending on the contractual arrangements on employment, a trade contractor may be the one responsible for the value of removing or cleaning up these items in accordance with governmental rules.
If a contractor performs work around pipelines or utilities, the contractor and their workers may be at risk of fumes or spills resulting from leaks or accidental punctures. Mold has been an environmental problem that has resulted in lawsuits to many contractors and real estate developers. In addition, there are many risks in handling chemical products and wastes that construction professionals use on a regular basis. Most environmental insurance policies offer protection against liability resulting from claims for third party bodily injury, property harm, or shut down costs from environmental harm. In looking for policies, it's important to perceive what operations are covered.
Please contact National E&S Insurance Brokers, Inc. nowadays at (88eight)473-8985 to discuss properly insuring your purchasers, or visit our web site at http://www.nationaleands.com
by: Harvey b samsun
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