By Tracy Durham, Associate Account Executive
Recently one of our existing electrical contractors was required to add E&O Liability for an upcoming job. Their existing policy with Beacon Hill only included Contractors Pollution Liability. Upon review of the account, it was determined that the contractor also had a pollution exposure at their own location that included several above ground storage tanks. Ultimately we were able to provide Contractors Pollution, Professional Liability, Sudden & Accidental Pollution for conditions not related to the tanks, and broader Premises Pollution Liability coverage for conditions stemming from the Storage Tanks. By incorporating the tanks into this new line, we were able to offer one policy to address all of their pollution needs.
Operation: Electrical Contractor
Policy limits: $2m/$3m
It is important to know as many details as possible regarding the operations and services of a risk. Not all pollution policies provide the same coverage or the appropriate coverage for your insured. Giving a fuller picture of the risk from the start of the submission will help us determine the best market fit and possible lines of coverage that would be beneficial. While the insured may often be concerned about the additional cost for Pollution coverage, they need to know the risk faced by going without it. If they understand from the start what the different lines of coverage can provide, they will be making an informed choice about whether or not to self-insure.
Items that are helpful for evaluating risks are a completed environmental supplemental application, any qualifications or licenses the insured may hold, a website of the business, and a general understanding of what is driving the coverage. Often underwriters prefer to review GL loss runs in order to determine if there is a history of pollution exposures whether or not they were paid by the GL policy. For site risks, any environmental reports that have been performed would be helpful to better understand the risk and determine the type of coverage that can be offered (for instance if historic coverage is available). For professional exposures it helps to understand the services or requirements driving the need for coverage as sometimes it is not apparent based solely on the contracting services provided.
A full picture of the risk is the best way to help determine the best product and in some cases the best pricing. The more information we have up front means the less is required to be collected in order to bind. Strong financials and clean loss runs/reports can go a long way in helping underwriters determine pricing. In the rush to get your client the coverage they require, be sure to include as much information as possible. It will help markets evaluate eligibility sooner and enable faster turnaround time on your quotes. As always, feel free to call one of our representatives if you’re unsure about what may be needed.