It is important to protect your business from environmental risks, and at Towergate we have earned a reputation for responsiveness, innovation, broking excellence and timely delivery of environmental risk management programmes.
We help clients identify and assess their environmental exposures and then deliver tailored environmental impairment liability (EIL) insurance that complements your commercial objectives and risk management strategy.
Our advisors can help protect your business in the following ways:
Our EIL insurance can provide protection against the effects of:
The Environmental Liability Directive (ELD) came into force throughout the EU in 2007 and the UKs latest update, The Environmental Damage (Prevention and Remediation) (England) Regulations 2015 (EDR), mean new liabilities beyond clean-up could spell the end of many businesses in the event of an uninsured loss.
How would your business cope if you suddenly had to respond to claims that your company’s activities, or even just its premises and land under its control, had somehow caused pollution or other environmental damage?
There is a broad range of environmental exposures that can impact air (such as ongoing odour issues), water, land and biodiversity and go on to impact your bottom line.
Consider also the possibility of unforeseen and unexpected pollution, gradually building up on land or seeping into the water table over time. This could impact your business when you least expect it, leaving you with a sizeable bill for the clean-up and potentially additional works to ‘make good’ on the damage done – a process that could take years.
The most common consequences of an environmental impairment liability event are:
By taking out EIL insurance, you can gain financial support to tackle these issues.
We have two types of environmental impairment liability insurance:
We have long-standing relationships with leading UK insurers, and our team of experts will visit you at your premises to understand your requirements and provide support on complex risks
No. There are two liability criteria in environmental regulations not usually covered in the UK by a standard liability insurance policy:
The EDR also introduced three new sanctions that took environmental liability to a new level:
Yes. Pollution or environmental damage that has happened in the past (whether it was 100 years or 6 months ago) has the potential to create liabilities today, and even if as the current property owner you did not cause this damage, you could still be held liable. Fines often exceed £1 million and lead to lengthy delays until a return to production.
With over 300,000 brownfield sites in England alone, historic liabilities should be considered for every property and corporate transaction and be covered by the appropriate insurance.