environmental Strategist, between the lines: One of our environmental insurance carriers sent out the following competitive environmental intelligence.
Your Soft Market Antidote
Agents who desire an exceptional insurance product to round out their contracting risks needlook no further than Contractor’s Pollution Liability (CPL) insurance.
Contractors: All contractors have a pollution exposure, and some of the largest pollution losses can come from risks that are not classified as environmental contractors.
Serious pollution losses can arise while digging, moving or operating equipment, performing any construction activity or can arise as a result of a fire, explosion, storm, vandalism etc.
Most CPL losses result from unforeseen and unpredictable circumstances, arising out of a variety of contracting activities. To answer this exposure you should be letting all of your contractors know that they can apply for Contractors Pollution Liability (CPL).
CPL can provide third party Bodily Injury, Property Damage and Cleanup coverage for unintentional pollution caused by covered operations while the named insured is working at sites that are not owned or occupied by the named insured.
CPL coverage usually ends once materials are moved beyond the boundaries of the job site. As the name implies, contractors of all types purchase this coverage.
CPL policies may be written on either claims made or occurrence form, depending on exposures.
CPL policies can be written either on a job specific or annual basis.
Examples of Recently Written CPL Risks:
- $1mm Occurrence Form CPL and $1mm Claims Made Mold CPL for a large drywall and plastering contractor – Premium $27,988
- $2mm Project Specific CPL including mold covering the installation of a fire suppression system at a hospital – Premium $6,000
- $1mm Occurrence Form CPL for a weatherization contractor – Premium $2,500
- $1mm CPL including Mold for a fire and water restoration contractor – Premium $4,000
- $1mm Occurrence Form CPL and $100,000 Claims Made Mold CPL for a firestop and caulking contractor – Premium $5,255
- $1mm CPL including mold for a contractor performing mold remediation, lead paint remediation and air duct cleaning – Premium $6,000
- $1mm Occurrence Form CPL increased to $5mm for one project for a concrete construction and painting contractor – Premium $11,000 (including the project increase)
- $1mm project specific Occurrence Form CPL covering a job involving the installation of water piping – Premium $2,670
- $1mm Occurrence Form CPL for an industrial refrigeration contractor – Premium $11,897
Don’t miss out on this phenomenal opportunity to provide important coverage for your insured’s while earning competitive CPL commissions that can offset premium reductions in your standard lines!