Environmental Insurance Spotlight: Hazmat Haulers
Transporters of hazardous materials have requirements under various agencies that involve reporting of materials they are transporting and documentation of training given to their personnel, as well as safety training. Not only are they regulated under agencies that are part of the Department of Transportation (DOT), but there are also departments within the Environmental Protection Agency (EPA) that regulate certain aspects of their activities. In addition, many states have their own regulations governing the transport of hazardous materials.
In spite of all of the regulatory scrutiny, training, and attention to safety that hazmat transporters undergo, there have still been many incidents involving hazardous materials transportation in recent years. A report that was released in October of 2013, commissioned by the Department of Transportation, shows that in 2011 alone, there were over 100 fatal truck crashes involving hazardous materials. In many of these accidents, flammable liquids such as gasoline and fuel oils were released as well as pressurized gases, corrosive compounds, and poisonous substances.
Transportation accidents may cause environmental damage; bodily injury of transport personnel, passengers in other cars or in the area of the accident; loss of life; cargo damage; and can incur hundreds of thousands of dollars in cleanup costs. This is all prior to the defense costs associated with lawsuits against transportation companies.
Environmental insurers have developed programs for transporters of hazardous materials that are designed to respond to claims against them for third party bodily injury, third party property damage, and cleanup costs. They do not have any reimbursement requirements and include coverage for defense costs. See our Coverage Guide: Environmental Contractors for product information and more.
For more information about environmental insurance for hazardous materials transporters, contact us.
Beacon Hill’s Agent Referral Program
We have created an exclusive program for our agents who refer new producers to us! You already know that helping your insureds understand their environmental exposures and the coverages available to them is a good way to build your book of business. Teach your peers about the value of working with environmental and energy coverages, too―introduce them to Beacon Hill so they can access competitive coverage from top carriers. Networking in this way will strengthen your professional relationships and help you to connect better with others in the industry. Learn more about the Agent Referral Program, including details and rewards.
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