By Patrick Manning, Associate Account Executive
We continue to see more and more focus on pollution-related issues for insureds both from a site and a contracting standpoint. It’s hard to watch the news without hearing stories about how some companies are causing pollution issues as a result of careless practices or the damaging repercussions that certain contracting procedures have on people and property. Generally speaking, those with the spotlight on them are usually insureds that are directly involved in the environmental or energy industry. Many of these entities have the coverage needed to handle their exposures, but how do careless practices or certain contracting procedures affect companies outside of the environmental or energy industries?
Pollution coverage is becoming a common theme in the quoting process for all kinds of contractors. We are starting to see a greater frequency in contract requirements and most contracts are now requiring that contractors (general or otherwise) carry some form of Pollution coverage. There are times when our insureds are able to negotiate out of the coverage, but that seems to be less often as all parties now want their workers to be accountable for their operations. The obvious benefit to having the coverage in place already is that an insured can bid confidently on a contract knowing that they already meet the contractual requirements which will lead to winning more contracts.
We all know that timing is key when it comes to placing bids for our insureds and that there is generally very little time between discovering contract requirements and actually making the bid. The need for a swift turnaround time on an indication is crucial. The best possible way to get an indication for coverage quickly is by using a pollution insurance specialist. They will generally have a much stronger relationship with the underwriter that will be analyzing and offering the required environmental or energy coverage. Having a strong relationship with pollution underwriters is important and can mean the difference between pushing an indication or quote to the top of the list or right over the phone or having it linger under a pile of information that takes time for them to get to. As an environmental specialist, Beacon Hill Associates has an in-house program that is set up to turn around Pollution quotes and indications quickly and effortlessly in order to meet the timelines of their insureds. We even have a tool designed to provide a complete proposal along with our indications. Visit our OnTarget webpage for more information and to get started with this process.
If you don’t know if you can quickly access a Pollution indication for one of your insureds with little more than a phone conversation, it might be time to determine if you really do have access to all the markets that you need. If you don’t take advantage of quick turnaround times, competitive coverage, and reasonable pricing, you can definitely be assured that your competition will.
For more information on what Beacon Hill Associates can do for you, visit our About Us page.