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Environmental Insurance - Gregor Riese - ALGA Oct 2015

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Environmental Insurance - Gregor Riese - ALGA Oct 2015

  1. 1. Gregor Riese Property & Risk Manager OneSteel Recycling
  2. 2. Environmental Pollution Insurance – property owners and business operators* Other related insurances: • Contractors Pollution Liability – companies working on third party sites • Professional Indemnity Insurance – for consultants
  3. 3. Designed to deal with pollution and waste issues Relevant because: environment legislation is changing cleanup costs are more onerous and expensive existing policies may give you no protection penalties higher
  4. 4. Existing general insurance products: - General Liability Policies - Industrial Special Risk You are not covered for a whole range of bad things that can happen* Case studies highlighting exclusions (eg pollution)
  5. 5. 5 Gradual Release Statutory Emergency Costs / preventative Measures Statutory Cleanup of 1st party property Statutory Cleanup of 3rd party property 1st party business interruption / economic loss Biodiversity Historic pollution General Liability NO NO NO NO NO NO NO Environmental YES YES YES YES YES (not as standard) YES YES (not as standard)
  6. 6. Australian Environment Business Network initiative Who should consider having EPI cover? Any business that uses or stores non-trivial amounts of chemicals or hazardous materials that could damage the environment or affect other people’s property should consider EPI cover as they run the risk of causing a pollution incident and incurring associated liabilities. http://www.epa.nsw.gov.au/pollution/epi.htm

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