Environmental Liability : Policy from the Italian Market

First significant aspect of the new product lies in its formulation: it is in fact a multirisk product divided into a basic guarantee and three optional guarantees.

The security base is made of two sections:

Section 1: guarantee for damages to third parties for death, personalinjury, damage to property and damage to third parties' activities in the area concerned by the pollution.

Section 2: remediation costs, pooling and restore security, both
inside and outside the secured site. The guarantee for remediation costs within the site is covered with a sublimit for land's remediation. Any damage to the aquifer is covered up to the limit.

The insurance guarantees a single limit for the first and second section.

The guarantee of liability works in "claims made" ;
the guarantee for remediation, pooling and restore security, works in "loss occurrence".

Covered are pollution damages resulting both from sudden and accidental events as well as leakage (gradual pollution).

Also available are the following optional guarantees:

1) Protected Species and natural habitats: The Italian legislation,
(Leg. 152/2006) which has implemented EU directives on the subject,
imposes the burden of restoration, or to bring the ' habitats and the
status of protected species to original condition.

2) Property inside the insured plant : covers the cleaning and
decontamination of movable and immovable property within the site.

3) Operations of loading and unloading carried out by mechanical means
from third parties

Technorati Tags: environmental liability italy