By: Parker Bunbury
Most agents are not actively discussing the managing and transferring of Environmental Liabilities with their clients. What happens when your client experiences an environmental loss? Roughly less than 2% of operating businesses have the financial strength to self-insure their environmental liabilities. Taking this into consideration, 98% of businesses do not have the financial wherewithal to survive an environmental loss. With bankruptcy looming on the horizon, what options do they have? For some businesses their only option could be their insurance agents E&O coverage. No agent likes the sound of that but this is just one of the many reasons why insurance professionals must strategize with insured’s on managing and transferring their environmental exposures.