Heightened public awareness combined with intensified regulatory scrutiny has increased the potential environmental exposures for businesses across the board, according to ACE Westchester, the U.S.-based wholesale-focused insurance division of the ACE Group, in its latest report “Pollution: The Unrecognized Risk of Business Operations.”
The new report discusses the often unidentified pollution risks faced by businesses, and the range of activities of businesses today that are subject to continually evolving environmental laws and regulations at the federal, state and local level.
The report, co-authored by the ACE Westchester environmental team discusses the wide range of tailored environmental coverages that, when combined with a proactive risk management strategy, can help protect businesses from potentially significant environmental claims.
“Evolving environmental regulations can affect almost any kind of commercial venture, thereby placing new compliance demands on those ventures and creating new liabilities,” said Barbara Deas, division president. “To protect themselves, companies in every line of business need to take a proactive approach to environmental risk management that minimizes the pollution risks in the first place.”
“Even an environmentally conscious business, however, may not recognize the full extent of environmental risks that its daily operations entail, said Rob Owens, vice president. “Pollution liabilities can impact almost any kind of commercial venture, from residential developments to shopping centers, commercial office parks, warehouses, manufacturers, and even organizations such as universities.”
ACE Westchester’s environmental division provides environmental liability insurance products and services.
Source: ACE Westchester
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