In today’s environmentally conscious world, businesses of all sizes face increasingly stringent regulations and potetial liabilities when it comes to polluttion. Even the most well-intentioned company can encounter unforeseen events, leaks, or accidents that lead to environmental damage. This is where Premises Pollution Liability (PPL) Insurance comes in, acting as a vital safety net against the financial and legal consequences of environmental mishaps.
PPL is a specialized insurance policy designed to protect businesses from financial losses arising from pollution incidents that occur on their premises or during their operations. With PPL, you can turn potential environmental disaster into a manageable inconvinience. Think of it as a superhero cape for your business, shielding you from the financial fallout of accidential spills, leaks, and other eco-oops.
What does PPL typical cover under SVI policy?
A. New Pollution Conditions
“Claims”, “remediation costs”, and associated “legal defense expenses”, in excess of the “self-insured retention”, arising out of a “pollution condition” on, at, under, or migrating from the “covered location(s)”, provided the “claim” is first made, or the “insured” first discovers such “pollution condition” during the “policy period”. Any such “claim” or discovery must be reported to the Insurer, in writing, during the “policy period” or any applicable “extended reporting period”.
The coverage afforded under this Section I.A. only applies to “pollution conditions” that first commence, in their entirety, on or after the policy inception date shown in Item 2.a. of the Declarations.
B. Pre-Existing Pollution Conditions
“Claims”, “remediation costs”, and associated “legal defense expenses”, in excess of the “self-insured retention”, arising out of a “pollution condition” on, at, under, or migrating from the “covered location(s)”, provided the “claim” is first made, or the “insured” first discovers such “pollution condition” during the “policy period”. Any such “claim” or discovery must be reported to the Insurer, in writing, during the “policy period” or any applicable “extended reporting period”.
The coverage afforded under this Section I.B. only applies to “pollution conditions” that first commenced, in whole or part, prior to the policy inception date shown in Item 3.a. of the Declarations.
Who needs PPL?
Owners of investment projects and establishments on the list of types of production, business and services that are at risk of causing large-capacity environmental pollution specified in Column 3, Appendix II attached to Decree No. 08/2022/ND-CP dated 10/01/2022.
Don’t wait for the environmental alarm to start blaring. Contact us now for the quote. We’re here to help you protect your business from the unexpected.