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I have recently been able to obtain coverage under a site pollution
liability (SPL, also known as PLL or EIL) policy for liabilities associated
with institutional controls. This is provisional coverage, similar to
"reopener' coverage for cleanup costs due to known conditions, because the
actual coverage will not be needed, and cannot go into effect, until the
IC's are established, almost always long after the closing date of deal, the
precise time when broader SPL coverage is usually needed. This timing
problem is the reason that Zurich's Post Remedial Care Environmental Liability
Policy, a stand-alone policy which addresses IC liabilities, has never been
written. Once the IC coverage under an SPL policy does go into effect,
however, it should be automatically renewable, thus potentially solving the
long-term liability problem.
Of course, the coverage, provisional or actual, itself has to be
properly implemented, and that is another story. If anyone is interested
in learning how to obtain this coverage, please contact me personally.
Sue
Susan Neuman,
Esq., Ph.D.
Environmental Insurance Agency, Inc.
138 Chatsworth Ave.,
Suite 2
Larchmont, NY 10538
914-833-5100 (phone)
914-833-5102
(fax)
www.enviroinsurance.com
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