Tag: coverage

  • Yacht Fire

    The fact is, simply do to their resources, High Net Worth (HNW) insureds are impacted by a wealth of environmental exposures.  Until Environmental Risk Managers, Inc. (ERMI) introduced their HNW pollution program, self-insurance was basically the only option for HNW insureds in addressing their environmental exposures.

    As the links below point out, a yacht owner is now paying legal fees to try to be made whole from a fire loss to his $24,000,000 yacht while it was in dry dock for repairs.  While the insurance carrier is denying coverage, had this insured had an ERMI HNW insurance pollution policy they could have been covered for the pollution caused by the fire along with legal fees, clean up, third party bodily injury, third party property damage, third party business income, natural resource damages and much more.

    While the shipyard where the work was being performed settled with the yacht owner for $9,200,000, the company that caused the loss has closed and its owners have fled the country.

    Do you know if your HNW insureds like self-insuring their environmental exposure or would they prefer to transfer their environmental exposure for fractions of a cent on the dollar to the ERMI HNW pollution program?  Have you asked?

    http://riskandinsurance.com/24-million-yacht-burns-owner-ignores-key-policy-terms-and-conditions/

    https://www.bloomberg.com/news/articles/2016-04-11/why-are-all-these-superyachts-catching-on-fire

    https://www.youtube.com/watch?v=8v_wptmnS-k

    https://yachtharbour.com/news/31m-superyacht-ordisi-catches-fire-in-alicante-2338

     

  • Yacht Fire

    The fact is, simply do to their resources, High Net Worth (HNW) insureds are impacted by a wealth of environmental exposures.  Until Environmental Risk Managers, Inc. (ERMI) introduced their HNW pollution program, self-insurance was basically the only option for HNW insureds in addressing their environmental exposures.

    As the links below point out, a yacht owner is now paying legal fees to try to be made whole from a fire loss to his $24,000,000 yacht while it was in dry dock for repairs.  While the insurance carrier is denying coverage, had this insured had an ERMI HNW insurance pollution policy they could have been covered for the pollution caused by the fire along with legal fees, clean up, third party bodily injury, third party property damage, third party business income, natural resource damages and much more.

    While the shipyard where the work was being performed settled with the yacht owner for $9,200,000, the company that caused the loss has closed and its owners have fled the country.

    Do you know if your HNW insureds like self-insuring their environmental exposure or would they prefer to transfer their environmental exposure for fractions of a cent on the dollar to the ERMI HNW pollution program?  Have you asked?

    http://riskandinsurance.com/24-million-yacht-burns-owner-ignores-key-policy-terms-and-conditions/

    https://www.bloomberg.com/news/articles/2016-04-11/why-are-all-these-superyachts-catching-on-fire

    https://www.youtube.com/watch?v=8v_wptmnS-k

    https://yachtharbour.com/news/31m-superyacht-ordisi-catches-fire-in-alicante-2338

  • ERMI on Contractors

    Contractors continue to be the number one class of business Environmental Risk Managers, Inc. (ERMI) writes for our Partner Agencies. The vast majority of this is being driven by contracts requiring contractors to evidence Contractor’s Pollution Liability (CPL) insurance in order to perform their construction services.

    “Back in the day” it was not uncommon for contractors to negotiate the CPL insurance requirement out of the contracts.  Today, so many companies have experienced environmental liabilities created by the contractors they have hired that it’s common practice to require CPL coverage and not negotiate it out of the contract.  Home Depot and Walmart have spearheaded the charge since they each paid multi-million dollar fines to the EPA for liabilities created by their vendor contractors.

    Photo Credit: mytotalretail.com

    ERMI has also developed environmental Risk Assessments (eRA) for a variety of construction classes.  The eRA’s are designed to get you and your client/s on the same page about the environmental exposures impacting their operations.  We send our eRA’s in a Word format so you can cut and paste them into a marketing presentation that compliments your agencies marketing program.  Our Partner Agencies find utilizing the eRA’s is an excellent way to leverage their insurance sales because an educated insured understands the value investing in an environmental insurance product will add to their business model.

    The eRA’s come in three parts:

    1. Review of environmental exposure impacting your insured.
    2. Environmental loss examples
    3. Environmental insurance coverage’s that are appropriate for the insured to consider.

    The ultimate goal is to educate your insured so they can make the best decisions for their business. If your insured sees value and elects to further pursue environmental insurance coverage, we’re here to make your job easier by utilizing our insurance network to market your client’s submission and supply you with the best coverage options.

    Please let ERMI know how we can assist you to drive your sales of CPL coverage.

  • ERMI on Contractors

    Contractors continue to be the number one class of business Environmental Risk Managers, Inc. (ERMI) writes for our Partner Agencies. The vast majority of this is being driven by contracts requiring contractors to evidence Contractor’s Pollution Liability (CPL) insurance in order to perform their construction services.

    “Back in the day” it was not uncommon for contractors to negotiate the CPL insurance requirement out of the contracts.  Today, so many companies have experienced environmental liabilities created by the contractors they have hired that it’s common practice to require CPL coverage and not negotiate it out of the contract.  Home Depot and Walmart have spearheaded the charge since they each paid multi-million dollar fines to the EPA for liabilities created by their vendor contractors.

    ERMI has also developed environmental Risk Assessments (eRA) for a variety of construction classes.  The eRA’s are designed to get you and your client/s on the same page about the environmental exposures impacting their operations.  We send our eRA’s in a Word format so you can cut and paste them into a marketing presentation that compliments your agencies marketing program.  Our Partner Agencies find utilizing the eRA’s is an excellent way to leverage their insurance sales because an educated insured understands the value investing in an environmental insurance product will add to their business model.

    The eRA’s come in three parts:

    1. Review of environmental exposure impacting your insured.
    2. Environmental loss examples
    3. Environmental insurance coverage’s that are appropriate for the insured to consider.

    The ultimate goal is to educate your insured so they can make the best decisions for their business. If your insured sees value and elects to further pursue environmental insurance coverage, we’re here to make your job easier by utilizing our insurance network to market your client’s submission and supply you with the best coverage options.

    Please let ERMI know how we can assist you to drive your sales of CPL coverage.

  • INTRODUCING MERGERS, ACQUISITIONS, AND POLLUTION PROTECTION COVERAGE

     

    FOR IMMIDIATE RELEASE 6/23/16 – ENVIRONMENTAL RISK MANAGERS, INC. (ERMI) INTRODUCES MAPP PRODUCT TO ADDRESS TRANSACTIONAL RISKS

    Environmental Risk Managers, Inc. has announced a new product to address exposures related to business & property transactions. The Mergers, Acquisitions, and Pollution Protection (MAPP) product combines Representations & Warranties (R&W) Insurance with Pollution Liability Insurance.

    For those not familiar with R&W insurance, it’s designed to provide coverage for the breach of a representation or a warranty contained in a Buy / Sell Agreement, in addition to, or as a replacement for all or most of the seller’s contractual representations and warranties.

    Brooks Bunbury, Vice President of ERMI, sees a growing need for a combined product to address the environmental and transactional exposures created via indemnifications in standard buy/sell agreements. “Over the last decade we have seen a steady increase in the number of M&A deals (Mergers & Acquisitions) which require Pollution Liability Insurance for deals to close. Over this same time, we have seen a growing interest in incorporating R&W Insurance into M&A transactions as well. As a general rule, R&W policies typically exclude coverage for pollution.” Mr. Bunbury went on to explain, “At the end of the day, all sides of the deal want a clean transaction. By offering R&W, Tax Liability, and Pollution Liability Insurance individually, or combined in a package, our new MAPP product does just that. It allows all parties to go their separate ways while reducing the risk of un-forecasted liabilities arising from the transaction”

    Insurance industry data has revealed that one out of every four M&A deals has at least one claim of a breach of the reps and warranties after closing. “As we have seen from environmental indemnifications in transactional documents, if there’s not a pre-determined financial assurance mechanism in place, the environmental indemnification that the seller agrees to may not be worth the paper it’s written on.”

    “In the past, the response to an issue after closing has been to negotiate around the problem.  Unfortunately, negotiating is expensive, time consuming and rarely brings about the most desirable outcome for all involved parties. MAPP addresses the unknowns by providing financial assurance should a problem arise after closing, therefore creating a cleaner transaction with less risk. With MAPP, ERMI has raised the bar on financial assurance for M&A deals.”

    Environmental Risk Managers, based in Leland, Michigan was founded in 1992 as a specialty Environmental Liability Insurance wholesaler. With an emphasis on education, ERMI combines their product knowledge with superior marketing to provide the highest level of service in the industry.

    “We’re excited to leverage our proven strategies in the Pollution Liability Insurance market to support companies with their transactional insurance needs.”

    For more information, please contact Brooks Bunbury with Environmental Risk Managers.