Weekly Updates From Beacon Hill Associates
Starting this week, we will have a new blog post for you every Monday morning! Be sure to bookmark us and check at the beginning of each week for current event articles, company updates, and relevant industry news.
Recent Chemical Spill Raises Awareness of Environmental Exposures
By Michael Tighe, Assistant Vice President
A chemical spill, like the one experienced in Charleston West Virginia, reinforces the need for effective environmental insurance coverage. In addition to the immediate concerns of clean up and bodily injury claims, there are other issues that can be addressed by an environmental impairment liability policy (EIL), also known as Site Pollution Liability.
On January 9th the public became aware of an estimated 10,000 gallon spill of a chemical known to wash coal and reduce ash (4 -methylcyclohexane methanol) into the Elk River from Freedom Industries Chemical Plant. Days later it was discovered an additional 7,500 gallons of polyglycol ethers (PPH) also entered this water system one mile upstream from West Virginia’s American Water Company intake. A week later Freedom Industries filed Chapter 11 bankruptcy protection and reports indicate inadequate insurance to respond to this situation.
Besides 3rd party Bodily Injury claims and river clean up, there are a number of other related costs and concerns that can be transferred to an insurance company. Many pollution policies allow the insured to immediately respond to an impending environmental situation. Emergency response coverage allows … Read the complete article.
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