Whether you’re a homeowner dealing with an oil furnace leak or a business making sure you’re covered in the event of an accident that includes hazardous materials or waste, it’s important to know about the circumstances surrounding hazardous waste incidents and the types of insurance coverage available. A key part of insurance for hazardous waste—private or commercial—is understanding the risks ahead of time and the types of coverage available to you.
Oil Heating and Insurance
At NEDT, we are often called in to help Massachusetts residents with the aftermath of a heating oil spill, many of whom are unaware that standard homeowner’s insurance doesn’t cover cleanup costs unless another property or a public health emergency is involved. Cleanup and soil remediation can become expensive, which is why we recommend that all homeowners who have oil-based heating contact their insurance and purchase the required rider for coverage of such events.
Pollution and Remediation Insurance
While it comes in many names, such as Site Pollution Liability insurance, Environmental Impairment Liability insurance, Pollution Legal Liability insurance, or Pollution and Remediation Legal Liability insurance, this type of environmental insurance generally provides coverage for commercial and industrial pollution liability claims that happen both on and off the premise of a business. This includes liability, remediation, and legal fees for sudden or gradual release of pollutants, including airborne, liquid, and solid hazardous materials.
Industrial Disasters and Incidents
The quality and coverage of your industrial insurance often depend on the types of safety and safety planning in place. Making sure you’re covered for a major incident or full-blown disaster—especially one that could become complicated by hazardous waste—includes having safety plans to avoid those issues, what to do during them, and disaster recovery plans in place to deal with the consequences if they do happen. These measures aren’t only important for insurers but may also be required by regulatory agencies, so make sure to review the requirements of your industry as well as your insurer.
At NEDT, we have a long history of making it easy to deal with hazardous waste, which includes consultations as hazardous waste management experts every step of the way, including consultations on risk, recommendations for safety, working with your insurer for coverage and payouts, disaster recovery and management, and making sure your property is certified clean by an environmental engineer so it can be used as you wish for future use. If you’re curious about getting our recommendations for your business or working with a hazardous waste management company that knows how to talk to your insurance, contact us today.
