Environmental policies aren’t just for businesses required to purchase them – extreme weather may make them a worthwhile investment for others as well. David Corry, Head of Environmental at Argo Group, explained why in a recent interview with Insurance Business America.
- California businesses may face unexpected environmental pollution costs due to recent storms. Corry said that the extreme weather dislodged pollutants that most business insurance policies won’t cover. “There’s really no coverage unless they have an environmental policy that’s tailored to pollution,” said Corry.
- Businesses that use chemicals, solvents, paints, plastics and aboveground storage tanks are at risk. Exposures include third-party allegations of offsite pollution as well as onsite exposure.
- Manufacturers, agricultural businesses, construction firms, real estate and other industry segments could be particularly at risk. Although some of these verticals do not typically hold environmental policies, the events in California highlight why it may be helpful to do so.
Learn more about Argo Group’s environmental insurance and how it may protect businesses against environmental risks caused by extreme weather.