Why should you be concerned about the risks of pollution.

THE ISSUE

With increasing awareness of the effects of pollution, businesses and financiers are now looking for methods of transferring the costs to someone else.

Historically, the UK has a poor record for pollution and in recent times, legislation has been passed which imposes heavy liabilities:

Common law - nuisance and negligence
Water Resources Act 1991
Environmental Protection Act 1990 (amendment 1995)

EU legislation is likely to follow with a directive on Environmental liability.

THE PROBLEM

In light of Insurers concerns regarding the almost limitless costs involved concerning pollution risks, the Association of British Insurers agreed that the industry should limit general Public Liability Policies to cover Sudden and Accidental pollution events. This removed any liability for gradual pollution or the mandatory clean up costs associated.

As a result, businesses, financiers, landlords and even local authorities are left with a potentially devastating problem.

THE SOLUTION

Bruce Stevenson Limited has exclusive access to markets for

ENVIRONMENTAL IMPAIRMENT LIABILITY
INSURANCE BONDS

Whilst this is a highly technical area and still relatively new, we now have in place a number of experts whom are able to provide:

Risk Assessment
Environmental Surveys
Risk Management

CONCLUSION

Liability is onerous and whilst the party responsible for the pollution is liable, if such person cannot be found, the current owner or occupier is responsible. If there is no appropriate party, the local authority will be responsible.

Given the trend towards a more friendly environment and the potential costs involved, this is a worthwhile cover for consideration. A number of banks now insist on environmental reports prior to agreeing finance. Also legislation now imposes extremely onerous liabilities which could fall upon an unsuspecting party.

In addition to the legal liabilities, suspect or contaminated land will result in a reduction of value and restrict the usage of the land.