As an environmental risk and insurance consultant, we are accustomed to working with multiple stake holders. Our goal of maximizing value for the named insured requires coordination and cooperation with attorneys, regulators, environmental engineers, and government jurisdictions. Our experience in working with these entities ultimately leads to maximum results with environmental insurance underwriters.
What is your regulatory risk?
“How clean is clean?” is a phrase that often comes up in conversations regarding environmental liability. Regulators, namely the EPA, can and do revise requirements from time to time. A properly placed environmental policy will address regulatory changes post placement.
Have you considered all of your potential environmental liability threats?
Certain industries are conditioned to the ongoing need for environmental liability assessments. But sometimes a company may have risks that are not readily apparent. These threats might include migration of contamination onto your property, spillage from service providers such a fuel delivery companies, natural resource damage caused by accidental release.
What is your environmental footprint?
Products and services have an environmental footprint that can be far reaching and long-term. The footprint can extend globally. Not only is an understanding of U.S. law required but also developments in emerging economies and highly regulated economies such as the European Union.
Underwriting environmental insurance will often require engineering reports, sampling, and compliance due diligence in order qualify the risk and to fill the “data gap.” While this type of analysis is important, without engaged facilitation by your insurance consultant, costs can get out of hand and critical elements of protection can be overlooked. From our perspective, the key objective is to find an economical financial backstop to a complex environmental problem.
As each environmental risk is different, the scope and resulting compensation for each engagement will vary. Our compensation can be based on commissions earned at time of insurance placement, a consulting retainer, or a combination of fee and commission. Regardless of the approach, our compensation method is fully discussed and disclosed during our initial discovery process.