[CPEO-BIF] [Fwd: Insurance Coverage for Institutional Controls Liabilities]

[Lenny Siegel <lsiegel@cpeo.org>]

[I thought I approved this to be sent to the list, but it doesn't seem 
to have gone through. If it does, I'm sorry about the duplication. - LS]

From: 	SusanNeumanEsq@aol.com

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 <http://www.enviroinsurance.com/>


--


Lenny Siegel
Director, Center for Public Environmental Oversight
c/o PSC, 278-A Hope St., Mountain View, CA 94041
Voice: 650/961-8918 or 650/969-1545
Fax: 650/961-8918
<lsiegel@cpeo.org>
http://www.cpeo.org

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