As Frequency and Severity of Pollution Claims Rise, Environmental Insurance Is Finding the Tools to Move Forward
Environmental insurance has come a long way since its advent in the late 1980s, emerging largely in tandem with the formation of the United States Environmental Protection Agency (EPA) and the inception of environmental law.
“When environmental insurance began, regulations were limited, and enforcement focused on very specific industrial exposures. Such exposures were identified via permitting of operations and backed by requirements of financial assurance mechanisms through federal law under the Resource Conservation and Recovery Act (RCRA),” said Jamie Langes, Assistant Vice President in the Environmental Division with Philadelphia Insurance Companies.
“Over time, with an increased understanding of how industry processes and chemical use interacts with the environment, more insureds’ exposures have become monitored by regulatory provisions.”
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