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Getting A Handle On Emergency Response Costs
By: Daniel Morganelli, P.G., Senior Project Manager, Tetra Tech FW, Inc.
It’s in the news almost every day. Somewhere in the world, there has been a petrochemical spill, a power blackout, or an explosion. For those who insure against environmental disasters and terrorism, it is a time to be both empathetic and vigilant. It is simply good business practice to be aware of and understand what is happening in terms of emergency response actions.
Environmental Insurance 101
By: Mary S. Busby, J.D., Assistant Vice President, Technical Environmental Leader
Gallagher Environmental Risk & Insurance
Environmental risk management and insurance issues are often one of the last things (if at all) on a typical risk manager's mind. Many of our clients tend not to think about environmental risks or insurance because it is either too burdensome, perceived to be too expensive, not within his/her "job description, " and/or a myriad of other reasons.
Toxic Mold: Managing The Risk in the Post Insurance Exclusion Era
By: Dave Dybdahl, CPCU, ARM, Senior Consultant, American Risk Management Resources Network
A rapid increase in mold claims, followed by universal insurance exclusion for mold related claims will create hundreds of thousands of uninsured mold related losses. An army of specialized plaintiffs lawyers will gravitate towards liability lawsuits to seek recovery when the property policies deny the mold loss. Insurance to cover mold is available in the environmental insurance market, but risk management advisors historically ignore environmental insurance. The result is unprecedented E&O exposure for insurance advisors, which will trigger separate mold related claims exclusions in the advisors own E&O policies.
Recent Pricing for Environmental Insurance
Cost Cap - rates of 7% to 10% of limits purchased, SIR 10% to 15%
Hotels - 400 locations, $250,000 SIR, $200 per million per year premium
Drywall Contractor - $100+ revenue, 250,000 SIR, $75,000 premium
Condo - Multi-year policy, $10,000,000 limit with mold, $1/sq foot premium rate
The Premier Conference Series on Environmental Insurance
The Environmental Insurance Forum
November 18, 2003
Wilshire Grand, Los Angeles, CA
Continuing Education Credits offered.
A conference focused on solving the coverage gaps created by the mold and pollution exclusions, reducing the risk advisor’s E&O exposure by recognizing environmental risks and finally identifying opportunities to build new business in this coverage area.
The need for working knowledge in environmental insurance has never been greater.
Hot News! Millions of businesses now need environmental insurance to cover mold losses.
9:00 - 9:30 The Environmental Risk Management Process
The classical risk management process of identifying, preventing, controlling and financing risks can be applied effectively to environmental risks. This session provides an overview of a methodology that can be used to develop an environmental risk management strategy.
9:30 - 10:30 Recent Developments in Insurance Coverage for Environmental, Toxic Tort and Mold Claims
Richard Giller, Of Counsel, Weston, Benshoof, Rochefort, Rubalcava, MacCuish, LLP
An understanding of the developments in environmental insurance coverages is essential to a risk management program. How important is it to address pollution issues before a claim occurs? What are the trends in this coverage area? What does the 'The Bar' see as the next environmental legal issue that insurance professionals should be anticipating?
10:30 - 10:45 Break
10:45 - 11:30 Litigating Mold Claims
Nana Nakano, Associate, Weston, Benshoof, Rochefort, Rubalcava, MacCuish, LLP
In 20 years of pollution exclusion litigation there is no consistency in how they are interpreted. The mold exclusion is proving to be equally ambiguous. In the absence of accepted standards for exposure levels to mold, common law theories produce variable outcomes. What is the legal background for mold claims? What will the future bring?
11:30 – 12:30 The Environmental Insurance Market
William McElroy, Vice President, Environmental, Liberty International Underwriters
The environmental insurance market is constantly expanding the depth of products offered and the risk that is underwritten. Environmental insurance carriers are stepping in to fill the coverage gap created by the new mold exclusions. Where are the best opportunities to utilize these tools to serve the needs of customers? How can risk management professionals position themselves to capitalize on these emerging opportunities?
12:30 - 1:45 Lunch Break
1:45 – 2:45 Hot Topic: Mold, Fungus, Microbial Matter, Bio and Nuclear Terrorism Exclusions are all Related to Pollution Exclusions - Environmental Insurance as a Solution
Dave Dybdahl, CPCU, ARM, President, American Risk Management Resources Network
With exclusions for these new sources of "pollution" being added to virtually all commercial and personal lines insurance policies, new forms of environmental insurance coverage are being introduced into the market. These new exclusions have created unprecedented professional liability for risk advisors. What insurance coverage is available to fill the coverage gaps created by the new wave of pollution exclusions? What is the current insurance market for mold related damages? How can risk advisors protect themselves from this new professional errors and omissions loss exposure at the same time they provide valuable and competitive services to their clients?
2:45 -3:00 Break
3:00 - 4:00 Marketing Environmental Opportunities and Successful Placement Strategies
Robert Rosenfeld, PhD, Variance Management Risk and Insurance Services, LLP
Environmental insurance can be the solution to your customer’s risk management problems. How do you recognize and capitalize on an environmental insurance opportunity? How to create a team of individuals with expertise in environmental law, environmental engineering and environmental risk management to structure and close deals? What factors determine success in selling environmental insurance? What works when talking to a client? How can you move from simply selling insurance products to becoming one of your clients’ key business advisors?
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