When it comes to potential growth areas for the insurance industry, Cyber Liability, a relatively new coverage area, has been getting much of the recent attention.
But Environmental insurance—which is now many decades old—may also represent a very real chance for carriers and producers to significantly increase their premium volumes—if they can succeed in convincing a broad swath of commercial buyers that coverage is necessary, even for organizations that don't consider themselves polluters.
For some select classes of business, the financial backstop of Pollution insurance has long been a mandatory buy. Under the 1976 Resource Conservation and Recovery Act, owners of landfills; underground storage tanks; and hazardous waste treatment, storage and disposal facilities must provide financial-responsibility assurances to cover remediation and third-party damages stemming from a pollution incident.
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