Speaking on environmental Insurance, the release of pollutants has been on the increase ever since and is expected to go on in 2021 based on analysis and research. This has caused a lot of problems leading to damages of property, bodily injuries, business breakdown, and other damages. With EI, you can cover these losses.
Moreover, natural catastrophic events such as earthquakes, volcanoes, floods, and all that can as well cause damages to basic facilities such as water, transportation, electricity, and so on which can be a great risk to the environment.
Even the presence of some harmful substances in the water drinking system can be so harmful to the health causing great expense to your business if found wanting. Well, having environmental insurance can be of great help if caught in that situation.
What is Environmental Insurance
Environmental insurance is an insurance policy that covers loss or damages that may come as a result of pollutants released; these are not included in the standard general liability and property insurance policies.
The EI policy is also known as pollution insurance or pollution coverage. Loss and damages of property, bodily injuries, unexpected pollution exposures that you may face are all under the cover of the environmental insurance policy.
Loss and damages that are associated with pollution are not covered by other insurance policies such as general liability and property insurance.
Although they have a lot of coverage when it comes that of environmental pollution, there are exceptions. EI has been a great help to so many businesses and is still is, especially those that are associated with the production of chemical substances.
Do you need environmental insurance?
So many businesses take the general liability and property insurance policies more seriously than other insurance policies but all do have their importance and there are situations you can be in that might be of better help than others.
The EI policy is so important. You can be faced with damages caused by an uncontrolled fire or gas from a defective heating system. The general liability or property insurance policy would not help you but environmental insurance will.
What does environmental insurance cost?
For more than 3 years now, the EI on apartments costs $24 per door. Although, they have a premium which is one of the lowest which amounts to about $10,000 and it’s actually a roadblock to the extensive sale of environmental insurance on apartment buildings. Currently, you can get that same policy for $3,500 as a minimum premium.
What does an environmental insurance underwriter do?
An EI underwriter is one who works for an insurance company that arranges and authorizes the insurance policy with an insured or a broker.
They run through all the programs, certified documents, and others that the insured or broker provides and make analysis on the risks if it is suitable for them or their company. Afterward, they come up with a summary of work to be done with a set of prices. Further research can be done on Google.