{"id":2510,"date":"2019-10-01T19:09:26","date_gmt":"2019-10-01T19:09:26","guid":{"rendered":"http:\/\/estrategist.com\/members\/?p=2510"},"modified":"2019-10-01T19:09:26","modified_gmt":"2019-10-01T19:09:26","slug":"high-net-worth-pollution-insurance-program","status":"publish","type":"post","link":"https:\/\/estrategist.com\/members\/high-net-worth-pollution-insurance-program\/","title":{"rendered":"High Net Worth Pollution Insurance Program"},"content":{"rendered":"

Fact:<\/strong>\u00a0 Pollution liabilities are a severity, versus frequency issue, that can have a catastrophic impact on HNW insureds.<\/p>\n

Fact:<\/strong>\u00a0 Many of today\u2019s HNW insureds have outgrown their personal & commercial insurance policies coverage capabilities.<\/p>\n

Fact:<\/strong>\u00a0 Pollution liabilities are a great example of how one\u2019s affluence can out pace their insurance policies.<\/p>\n

Today\u2019s HNW insured\u2019s need coverage that goes beyond their personal & commercial insurance policies.<\/p>\n

Question:<\/strong>\u00a0 Will the personal and commercial insurance policies you have in force cover your HNW insured\u2019s cover for the following loss examples?<\/p>\n

The ERMI HNW Pollution Program can cover for the following loss examples.<\/p>\n

Environmental Loss Examples<\/strong><\/p>\n

    \n
  1. A HNW insured purchased a piece of property to build a residence.\u00a0 During excavation, oily smelling soil was encountered.\u00a0 Investigation revealed the source of the contamination was an old unknown dump site on a former farm, now part of an affluent residential community.\u00a0 The HNW insured paid $150,000 to clean up their property and their attorneys were investigating possible restitution options.<\/li>\n
  2. Environmental exposures created by motor craft (car, boat, Plane) restoration.\u00a0 A car collector had a private garage where he restored and stored his car collection.\u00a0 To fuel the vehicles there was a 1,000 gallon above ground storage tank.\u00a0 While moving a vehicle the above ground tank was accidentally hit spilling it contents.\u00a0 The fuel ran off the asphalt into the ground and a nearby creek.\u00a0 Cost for remediation and natural resource damages was $250,000.<\/li>\n
  3. It was never determined how a yacht at a marina caught on fire. Because of the fire, neighboring boats also caught on fire.\u00a0 Fire departments responded to the fires and after the fires were put out the resulting environmental damage cost the yacht owner more than $2,000,000 in fines, penalties, cleanup, business interruption\u2026.<\/li>\n
  4. A condominium was being renovated.\u00a0 Tenants in the building complained about exposure to dust and other airborne toxins.\u00a0 Tenants filed suit against the condominium owner and contractor for bodily injury from airborne contaminants entering the ventilation system.<\/li>\n
  5. Some residents in an upscale residential development were getting sick. After extensive investigation, it was discovered a chemical release from a nearby former dry-cleaning business were migrating via vapor intrusion into residences.<\/li>\n
  6. A condominium complex with an underground parking garage was in the path of a hurricane.\u00a0 As a result of the heavy rains, the lower level of the parking garage was flooded.\u00a0 The flooding caused backup of sewage as well as gasoline and other automotive fluids released from the vehicles in the garage.\u00a0 Cleanup was required by property owners.<\/li>\n
  7. New construction was taking place on a previously undeveloped parcel of land. During excavation, contaminated soil was discovered.\u00a0 The owner had to remediate the site before construction could continue.\u00a0 It was later discovered the contamination had migrated onto the property from a former boat yard property that had been torn down and out of business for decades.\u00a0 Remediation costs exceeded $500,000 for the property owner.<\/li>\n
  8. Several owners in a private residential community were experiencing health issues. During investigation it was discovered that some utilities in the houses such as electrical connections were corroding and could potentially cause a fire.\u00a0 Testing revealed the dry wall contained contaminates not found in dry wall.\u00a0 The manufacturer of the dry wall was a Chinese business.\u00a0 Multiple lawsuits have been filed for multi-million dollar claims for bodily injury, property damage, diminution in property values and more.<\/li>\n
  9. After moving into their new home residents became ill. Testing revealed several flooring materials contained alarmingly high concentrations for formaldehyde.\u00a0 Flooring had to be replaced but since the contractor did not have the proper pollution coverage the homeowner had to pay for the replacement and was suing their general and subcontractor for replacement costs along with bodily injury, property damages and extra expense for delays in construction.<\/li>\n
  10. Due to an unusually strong windstorm, waves broke through a retaining wall at several waterfront residences. Sediment blocked the canal and caused natural resource damages to a wetland.\u00a0 Cost for restoration and cleanup exceeded $300,000.<\/li>\n
  11. A drilling contractor caused a release of raw sewage into both soil and ground water after failing to identify a sewer line before drilling. The clean up entailed the excavation of several tons of impacted soil and impacted other residential neighbors when their basements filled with sewage.<\/li>\n
  12. A real estate limited partnership acquired property previously used for farming on which they planned to build a mall. The firm hired an environmental consultant to conduct a Phase I Environmental Assessment. The property was determined to be “clean.” However, when excavation for the mall began, 100 drums of buried pesticides and herbicides were unearthed. The chemicals contaminated the soil and had to be removed at the firm’s expense. Remediation and drum disposal costs exceeded $750,000.<\/li>\n<\/ol>\n

    Fact:<\/strong>\u00a0 If you have not developed an environmental financial assurance plan for your HNW insureds, your E&O coverage may be the only coverage your HNW insured has when they experience an environmental liability.<\/p>\n","protected":false},"excerpt":{"rendered":"

    Fact:\u00a0 Pollution liabilities are a severity, versus frequency issue, that can have a catastrophic impact on HNW insureds. Fact:\u00a0 Many of today\u2019s HNW insureds have outgrown their personal & commercial insurance policies coverage capabilities. Fact:\u00a0 Pollution liabilities are a great example of how one\u2019s affluence can out pace their insurance policies. Today\u2019s HNW insured\u2019s need… Continue reading High Net Worth Pollution Insurance Program<\/span><\/a><\/p>\n","protected":false},"author":223,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[3,4,5,7],"tags":[],"class_list":["post-2510","post","type-post","status-publish","format-standard","hentry","category-resources","category-featured","category-risk","category-webinars","entry"],"_links":{"self":[{"href":"https:\/\/estrategist.com\/members\/wp-json\/wp\/v2\/posts\/2510","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/estrategist.com\/members\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/estrategist.com\/members\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/estrategist.com\/members\/wp-json\/wp\/v2\/users\/223"}],"replies":[{"embeddable":true,"href":"https:\/\/estrategist.com\/members\/wp-json\/wp\/v2\/comments?post=2510"}],"version-history":[{"count":1,"href":"https:\/\/estrategist.com\/members\/wp-json\/wp\/v2\/posts\/2510\/revisions"}],"predecessor-version":[{"id":2511,"href":"https:\/\/estrategist.com\/members\/wp-json\/wp\/v2\/posts\/2510\/revisions\/2511"}],"wp:attachment":[{"href":"https:\/\/estrategist.com\/members\/wp-json\/wp\/v2\/media?parent=2510"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/estrategist.com\/members\/wp-json\/wp\/v2\/categories?post=2510"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/estrategist.com\/members\/wp-json\/wp\/v2\/tags?post=2510"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}