Introduction to Environmental Insurance in Property Transfer. By Jack Smith, Vice President Environmental Division ECBM
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1 Introduction to Environmental Insurance in Property Transfer By Jack Smith, Vice President Environmental Division ECBM
2 Do you ever buy or sell property? Are environmental issues ever a problem during these transactions?
3 The use of environmental insurance a case study Facts: Chemical manufacturing company Buyer & seller agree on value of $,, Remedial plan for $,, Buyers due diligence raises unknown liabilities valued at up to $,, How much will the plant sell for?
4 Risk ($,) Remediation Risks Expected Cleanup $,, costs, % confidence over years Property Value $,, -- Clean up cost estimates between $,, and $,,
5 Risk ($,) Remediation Risks $,, Excess Remediation Cost, % chance of being incurred over years beginning in year Property Value $,, -- Clean up cost estimates between $,, and $,,
6 Risk ($,) Remediation Risks Third Party Claims during remedial operations. Potential cost of $,, over years Property Value $,, -- Clean up cost estimates between $,, and $,,
7 Risk ($,) Environmental Legacy Risks Discovery of new sources of contamination on the property. Discovered in year, it takes $,, over years to remediate Property Value $,, -- Clean up cost estimates between $,, and $,,
8 Risk ($,) Environmental Legacy Risks The facility used an old dump that became a superfund site. Discovered in year, it is expected to cost $, per year for years = $,, Property Value $,, -- Clean up cost estimates between $,, and $,,
9 Risk ($,) Environmental Legacy Risks Ongoing Operations: $,, Loss Potential could be incurred in any year after purchase Property Value $,, -- Clean up cost estimates between $,, and $,,
10 Risk ($,) Environmental Impairment Liability Insurance Purchase EIL Insurance $,, limit, year term, $, premium Property Value $,, -- Clean up cost estimates between $,, and $,,
11 Environmental Impairment Liability Insurance Risk ($,) Property Value $,, -- Clean up cost estimates between $,, and $,,
12 Risk ($,) Non-owned Disposal site exposure Purchase EIL Insurance with non-owned disposal site coverage Property Value $,, -- Clean up cost estimates between $,, and $,,
13 Risk ($,) EIL with Non-owned Disposal site coverage Property Value $,, -- Clean up cost estimates between $,, and $,,
14 Risk ($,) Discovery of unknown contamination Purchase EIL Insurance Property Value $,, -- Clean up cost estimates between $,, and $,,
15 Risk ($,) After the purchase of EIL Property Value $,, -- Clean up cost estimates between $,, and $,,
16 Risk ($,) Contractors Loss Exposures Purchase Contractors Pollution Liability Insurance Property Value $,, -- Clean up cost estimates between $,, and $,,
17 Risk ($,) After the Purchase of CPL $, for term of policy - years Property Value $,, -- Clean up cost estimates between $,, and $,,
18 Risk ($,) Cost Cap Insurance ($,, limit $,, self insured retention) % of $,, = $, premium, term of policy - years Property Value $,, -- Clean up cost estimates between $,, and $,,
19 Risk ($,).. After the Purchase of Cost Cap Insurance Property Value $,, -- Clean up cost estimates between $,, and $,, Chemical Manufacturing Property -- Key shaded areas show risk over time, not expected cost
20 Risk ($,).. Finite Risk Insurance $, Premium, term of policy - years Property Value $,, -- Clean up cost estimates between $,, and $,, Chemical Manufacturing Property -- Key shaded areas show risk over time, not expected cost
21 Using insurance tools to facilitate a property transfer Risk Limits Insurance Policy Premium Expected clean up cost $,, Finite Risk $, Excess remediation $,, Cost cap or $, costs remediation stop loss rd party claims $,, Contractors Pollution $, during remediation Liability Discovery of new $,, Environmental $, contamination on Impairment Liability property Superfund liability at a Included in EIL Environmental Included non-owned disposal Impairment Liability site Environmental loss from Included in EIL Environmental Included ongoing operations of the Impairment Liability plant TOTAL Limits of Liability $,, $,,
22 Environmental Insurance Market Statistics + policy forms available major providers Market capacity exceeds $,, on a single placement The underwriters recently insured the contractors on Chernobyl - what does your client have that is riskier?
23 CONCLUSION Environmental insurance can be a powerful tool in property transfers The transaction needs to be set up with the anticipated use of insurance to be successful It requires specialist knowledge to fit the insurances together
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