Environmental Insurance
for Real Estate
for Real Estate
Environmental exposures are often hidden, surprising and catastrophic. If your insured was held responsible for contaminating the environment, they could face large, unexpected expenses.
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Why Your Insureds Need It.
Today, greater risk exposure is coming from environmental liabilities that are likely not insured under standard liability insurance and property programs.
Environmental liabilities are more common than you might think. They can arise for almost any property, and the remedial costs — both direct and indirect — can be substantial. The majority of property and casualty policies do not insure pollution risk, which means that an environmental insurance policy is the sole means for your insured to recover losses caused by environmental issues.
Environmental liabilities are more common than you might think. They can arise for almost any property, and the remedial costs — both direct and indirect — can be substantial. The majority of property and casualty policies do not insure pollution risk, which means that an environmental insurance policy is the sole means for your insured to recover losses caused by environmental issues.
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The Solution to Pollution.
Environmental insurance (also known as pollution insurance or pollution coverage) provides coverage for loss or damages resulting from unexpected releases of pollutants.
Underground and Aboveground Tank Spills
Coverage provided for undergound and aboveground storage tank spills.
* Underground tanks more than 25 years old are not eligible for coverage.
Contingent Transportation Coverage
Coverage provided for pollution conditions caused during transportation. Coverage also includes loading and unloading.
Illicit Abandonment Coverage
Coverage provided for the illicit abandonment of pollutants on the insured property including the costs associated with cleanup.
On-Site Cleanup of New Conditions
Cleanup as a result of pollution conditions at, on or under the scheduled sites.
Third-Party Claims for On-Site Bodily Injury for Lead and/or Asbestos
Coverage for third-party bodily injury claims caused by a pollution related event to lead and/or asbestos.
On-Site Cleanup Costs for Biological Hazards
Cleanup costs because of a pollution condition on, at, or within a covered location.
Sudden and Accidental Pollution Events
Coverage provided for sudden and accidental discharge, dispersal, release, or escape of pollutants, resulting in property damage.
Claims Made Coverage Form
Coverage provided for when a claim is made, regardless of when the claim event occurred.
Coverage for Claims and Remediation Costs
Coverage provided for claims and remedial costs arising from pollution incidents.
Qualified Real Estate Classes Include
- Condominiums
- Cooperatives
- Apartment Buildings
- Offices
- Community Associations
- HOAs
- Hotels
- Shopping Centers
Claim Scenarios
Real life. Real claims.
Scenario 1
Underground Tank Leak
An oily sheen was observed on a local stream. It was traced back to a leak from an underground storage tank at an insured apartment building. It was determined that the contamination had impacted the stream for several miles damaging the aquatic species. The building owner was responsible for the remediation and natural resources damages from the impacts to the stream.
Total Payout: $450,000
Scenario 2
On-Site Cleanup
The owner of an apartment building entered a unit that had been vacated
and discovered that the renter had left behind an illegal meth lab and
related chemicals. The renter could not be located and the landlord was
left with the responsibility for the cleanup. Not only did the owner have
to cleanup the contaminants that had been released into the room, but
had to pay to remove the leftover chemicals that were still in containers.
Cleanup and disposal costs were in excess of $100,000.
Total Payout: $132,000
Scenario 3
Bodily Injury
A street and road contractor was hired to apply a sealing coat to a new
concrete parking garage next to a condominium building. During the application of
the sealant, fumes migrated into the condominium’s air intake system. Several
tenants were overcome by the fumes and became ill.
Lawsuits were filed alleging bodily injury and asserting damages in excess
of one million dollars.
Total Payout: $1,000,000+
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Why Choose Recover?
The insurance solution for real estate pollution.
A+
A.M. Best A+ Rated Carrier
$50M
Program Aggregate
$2M
Per Occurrence
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"I work with this group a good bit on our Coastal Condo exposures here at USI Insurance Services, Tuscaloosa. They are very helpful and the ease of doing business with them, is just what brokers need in a pinch."
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