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Contamination & spills – an insurance sector liability
Gasoline and oil spills happen. Storage tanks leak. Accidents occur. Property becomes contaminated. Business is interrupted.
These occurrences can trigger a wide range of insurance claims under commercial, property, and liability insurance policies. These claims might include:
- Cleanup and remediation costs – expenses to remove contaminants from soil and water.
- Third-party property damage – contamination spreading to neighboring properties.
- Business interruption – loss of income due to temporary closure or cleanup operations.
- Bodily injury claims – health issues (e.g. respiratory problems) suffered by employees, customers, or the public.
- Legal defense costs – expenses related to defending lawsuits from affected third parties.
- Environmental liability – claims under environmental laws or regulations, including fines and penalties.
- Environmental impairment liability – claims for slow leaks, long-term contamination, or natural resource damage (e.g. harm to wildlife, water bodies, or protected land).
- Commercial auto insurance – claims for vehicle spill clean up or collision related contamination.
- Emergency response costs – for immediate containment and mitigation efforts.
BioNorth’s insurance sector solution
Addressing spills and contamination requires a collaborative approach involving policy holders, insurance companies, emergency responsive service providers, and remediation companies.
Unfortunately, traditional emergency response and remediation solutions are costly, can have negative impacts on the environment, can permanently damage or destroy buildings and other infrastructure, and can create long standing business interruption.
Fortunately, BioNorth has a proven track record of providing cost-effective solutions for emergency response and property remediation that not only has a positive impact on the environment, but most importantly, remediates contaminated properties back to a clean status while protecting all buildings and critical infrastructure and allowing businesses to continue operating without interruption.