Bank-Owned Property Exposures – REO

The insurer Zurich just released a "white-paper" on the topic of the liabilities faced by banks on Real Estate Owned properties (REO). Sorry Zurich but your piece is short on real help for banks.  Seems more like a marketing piece than a white paper. Here's some actual help for banks. There are three main exposures banks face in … [Read more...]

Pollution Liability Insurance

Basic liability insurance policies like the general liability and umbrella liability policies do not cover pollution.Want to test to see if your agent is any good? Ask her what insurance companies she will go to to get you a quote on pollution liability insurance.Here is the answer for most US businesses: Zurich, ACE, Chubb, Chartis, Zurich, XL, … [Read more...]

Insurance Success Tip #9 – Consider Pollution Insurance

Almost all liablity insurance policies exclude pollution claims.  Consider buying separate policies.Oil leaks from a heating oil storage tank?  No coverage.Stored chemicals contaminates a neighbor's well?  No coverage.Pollution is found at a vacant site you own?  No coverage.You buy land and find it is contaminated?  No coverage.Your property … [Read more...]

Global Warming and General Liability Insurance

Interesting article in Claims Magazine about the likely insurance company reaction to allegations that actions of an insured resulted in greenhouse gas emissions for which the insured is liable.Readers Digest version... Claims for environmental damage are likely excluded under the pollution exclusion that is a part of most commercial general … [Read more...]

Pollution Aint Covered By Your Insurance

Most liability insurance policies exclude all forms of pollution. If you look at your general liability policy you will find four pages of information on pollution. The cut-to-the-chase fact is, they don't cover pollution.Your commercial auto policy will only cover pollution from the gas tank or engine of your vehicle. If you are transporting … [Read more...]