You Want to Build What? Where?: Using Environmental Insurance to Manage Cleanup and Development Risks
New environmental insurance products are rapidly entering the marketplace and becoming cost-effective vehicles for settling environmental disputes, shifting environmental risks, and facilitating site cleanup and development. Cost cap, pollution legal liability (PLL), finite risk, and related insurance policies can enable companies with environmental liabilities to obtain seamless insurance coverage to finance cleanup, cover cost overruns and regulatory reopeners, and protect [20-5] against third-party liability. These new policies differ sharply from comprehensive general liability policies because they are tailored and drafted to cover specific risks. Tax-advantaged structures can reduce policy acquisition costs.
This paper will describe these new environmental insurance products and discuss how to tailor them to meet companies' specific needs. The paper will also highlight the applicability of such products to natural resource industries and properties.
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