Product liability coverage provides protection against bodily injury and property damage losses arising out of some defect in the product you sold, manufactured or distributed. Your product liability policy provides coverage for your goods or products manufactured, sold, handled, distributed or disposed of by you and/or your company. Of course, it should also be noted that “pollution conditions” are associated with exclusions.
Under the “known loss” or fortuity doctrine, insurance companies argue that insurance does not cover losses that have already taken place or are substantially certain to occur. After coverage was denied, the policyholder sued and sought coverage for the costs associated with the ongoing investigation and remediation of buried construction and demolition debris. In addition to the complexity created by the language of the statute itself, pending litigation creates further uncertainty. Assuming the law remains on the books in its present form, it promises to present ongoing challenges for refiners and contractors for many years to come.
When you first hear the word “pollution,” what comes to mind? From gas or oil leaks into the soil to an accidental spill into the waterway or mold, the risk is real. It’s always best to consult with your insurance agent to determine the best route to obtaining pollution insurance and to ensure that there are no unexpected exclusions. While some industries are higher risk than others, obtaining pollution insurance should really be a best practice for all contractors. Pollution insurance for contractors has never been cheaper, with prices down 50% in the past five years, say brokers and contractors.
Real Life Claims Examples Of Contractor Pollution Liability From Dailymotion | Duration 4 Minutes 31 Seconds
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Over the past decade, insurers have diversified the array of pollution types and triggers covered to fill gaps created by exclusions in contractors’ general liability policies. While insurance has its origins in ancient times, environmental liability coverage is comparatively new. As with most insurance cycles, swings to generous terms and low premiums eventually punish insurers, sticking them with costly claims, driving some out of the market and sending prices back up. We understand how important it is to have local underwriting specialists who can operate on tight timelines and provide exceptional service – that’s why we have in-house subject matter experts to deliver on our promise. As these exceptions to the absolution pollution exclusion indicate, the term “absolute pollution exclusion” is something of a misnomer because the exclusion does not apply absolutely. There are also two “total pollution exclusion” endorsements that create some confusion because they are titled total pollution exclusion but maintain some exceptions. Features a broad definition of your work, including work performed by, or on behalf of, the named insured.