There are three key environmental liability policies in corporate and land transactions – indemnity policies, site pollution legal liability policies and contractor pollution liability policies.
Used principally for high risk desktop reports
Responds if a regulator threatens to serve a remediation notice
Covers remediation costs, legal fees and loss of property value
Exclusions for civil claims, storage tanks
Policy period 15 – 25 years
Site Pollution legal liability (SPL) policies
Comprehensive protection for onsite and offsite contamination
a) Regulatory action
b) Third party claims
c) Environmental damage
d) Contractual liabilities
Exclusions for phase 2s and no […]
The First Appearance of Bulk Carriers
A bulk carrier is a merchant ship specially designed to transport unpackaged bulk cargo such as grains, coal, ore, steel coils and cement, in its cargo holds. The first specialized bulk carrier was built in 1852 and economy in costs have dictated the continued development of these ships, resulting in increased size and sophistication. Today’s bulk carriers are specially designed to maximize capacity, safety, efficiency, and durability.
Specialized bulk carriers began to appear as steam powered ships became more and more popular. The first steam ship recognized as a bulk carrier […]
Origins of Pollution Insurance
Unlike other fields of insurance, which can be traced back hundreds of years, Pollution Insurance is a relatively new class. In fact we need only go back to the 1960s and 1970s at which time America’s growing concern for the environment led to passage of a number of federal and state laws regarding liability for environmental cleanups. The best known and of significance is the Comprehensive Environmental Response Compensation and Liability Act of 1980—the “Superfund” act, named after the trust fund it set up to pay for cleaning some of the nation […]
Aviation Insurance was first introduced in the twentieth century. The first-ever aviation insurance policy was underwritten at Lloyd’s of London in 1911. But the writing of such policies was short lived due to atmospheric condition type losses occurring at that time.
The first aviation polices were written by the marine insurance underwriting community . The first specialist aviation insurers go back to 1924.
In 1929 the Warsaw convention was signed. The convention was an international agreement to establish terms, conditions,objective target and limitations of liability for carriage by air.
The International Union of Marine Insurance (IUMI) first […]