Insuring against environmental risks

Journal Article · Tue Jun 01 04:00:00 EDT 1993 · Chemical Engineering (New York); (United States)

OSTI ID:6149430

Anspach, K G

As the chemical process industries now know all too well, environmental damages represent a significant risk to the firms and individuals in it. Whether the cause of the damage is a sudden spill or the gradual contamination of a site through underground leakage, major financial losses are a constant threat. U.S. insurance companies are also aware of these risks. During the late 1970s and early 1980s, many limited environmental coverage in the policies that they sold; later, such coverage was dropped entirely. Recently, many new types of coverage have become available, but often at high expense. To get adequate insurance coverage at a reasonable price, CPI firms can pursue several options: general liability insurance, self-insurance, specialized environmental insurance--or no insurance at all. Each of these options raise certain risks and costs. At the same time, individual engineers or consulting engineering groups that service the CPI have their own set of insurance options. Most independent engineering consultants carry some type of liability insurance; now, as the potential consequences of their work on the environment become clearer, some have invested in various types of professional insurance.

• OSTI ID: 6149430
• Journal Information: Chemical Engineering (New York); (United States), Journal Name: Chemical Engineering (New York); (United States) Vol. 100:6; ISSN CHEEA3; ISSN 0009-2460
• Country of Publication: United States
• Language: English

Related Subjects

29 ENERGY PLANNING, POLICY, AND ECONOMY
290200* -- Energy Planning & Policy-- Economics & Sociology
290300 -- Energy Planning & Policy-- Environment
Health
& Safety
CHEMICAL INDUSTRY
COOPERATIVES
DAMAGE
ENVIRONMENTAL QUALITY
INDUSTRY
INSURANCE
LIABILITIES
POLLUTION