environmental Strategist, between the lines: Educational institutions are one of the most at-risk businesses for environmental liabilities. We know for a fact that our youth are some of the most susceptible to environmental exposures, as they’re still developing.
I could strategize at length on the advantages for educational institutions to transfer their environmental liabilities to a third-party insurance carrier versus self-insuring. When we work with Fortune 500 companies on transferring their environmental liabilities, first and foremost they want to buy coverage for bodily injury.
Generally, however, “we do not have it in our budget” is often the response from an environmentally-uneducated insured. The following question can be an effective way to counter that objection. “When weighing the costs of obtaining this important coverage, it would be worthwhile to consider from what source would 100% of the funds come for legal fees, bodily injury to students or staff, clean-up costs, third party damages, third party business income, loss of state-matched funds during clean-up, etc. should an environmental loss occur?”
Now that you have their attention, use the attached environmental Risk Assessment (eRA) for Educational Institutions to educate your insureds on the advantages of transferring their environmental liabilities to a responsible insurer.
We’ve developed eRA’s for over 80+ classes of business to get you and your clients on the same page about the environmental exposures impacting their operations. We send our eRA’s in a Word format, so you can cut and paste them into a marketing presentation that compliments your agencies marketing program. Our partner agencies find utilizing the eRA’s is an excellent way to leverage their insurance sales through educating the client about the fiscal realities of pollution protection. It genuinely does have a measurable impact to their bottom line and strategic financial planning.
The eRA’s come in three parts:
- Review of environmental exposure impacting your insured.
- Environmental loss examples
- Environmental insurance coverages that are appropriate for the insured to consider.
If your insured recognizes the value and elects to further pursue environmental insurance coverage, Environmental Risk Managers is here to make your job easier by utilizing our network and expertise to market your client’s submission and supply you with the best coverage options.
https://www.edweek.org/ew/articles/2018/01/03/families-sue-school-state-monsanto-over_ap.html