The fact is, simply do to their resources, High Net Worth (HNW) insureds are impacted by a wealth of environmental exposures. Until Environmental Risk Managers, Inc. (ERMI) introduced their HNW pollution program, self-insurance was basically the only option for HNW insureds in addressing their environmental exposures.
As the links below point out, a yacht owner is now paying legal fees to try to be made whole from a fire loss to his $24,000,000 yacht while it was in dry dock for repairs. While the insurance carrier is denying coverage, had this insured had an ERMI HNW insurance pollution policy they could have been covered for the pollution caused by the fire along with legal fees, clean up, third party bodily injury, third party property damage, third party business income, natural resource damages and much more.
While the shipyard where the work was being performed settled with the yacht owner for $9,200,000, the company that caused the loss has closed and its owners have fled the country.
Do you know if your HNW insureds like self-insuring their environmental exposure or would they prefer to transfer their environmental exposure for fractions of a cent on the dollar to the ERMI HNW pollution program? Have you asked?
http://riskandinsurance.com/24-million-yacht-burns-owner-ignores-key-policy-terms-and-conditions/
https://www.bloomberg.com/news/articles/2016-04-11/why-are-all-these-superyachts-catching-on-fire
https://www.youtube.com/watch?v=8v_wptmnS-k
https://yachtharbour.com/news/31m-superyacht-ordisi-catches-fire-in-alicante-2338