Asbestos Removals and Demolition Public Liability Insurance
If you are undertaking the removal of asbestos, check your current Liability Insurance.
A lot of public liability insurance policies have what is called an absolute asbestos exclusion. If you have an asbestos removal company, then this Exclusion basically means that if you do not get the correct public liability insurance, you will not be covered for when you are removing asbestos.
There have been incidents in the past with people performing repairs on Asbestos roofing or wallsand damage has occurred causing dust to be created and spread requiring extensive clean up and decontamination. When they have tried to claim and these asbestos exclusions are tested, the insurer has declined the claim. So you need the right cover if you intend on doing any form of asbestos removals
Standard Liability policies will have exclusions that look like this.
This Section does not cover any actual or alleged liability arising directly or indirectly out of, resulting from or in consequence of, or in any way involving asbestos, or any materials containing asbestos in whatever form or quantity.
This Policy does not cover liability in respect of Claims directly or indirectly arising out of, resulting from, in consequence of, contributed to or aggravated by asbestos in whatever form or quantity.
Fairly clear that the standard liability cover is no use to you if you do any work in this area, or even become exposed to the material accidentally.
Any Trades person or professional dealing in this risky and complicated area needs to manage these risks and this means transferring the liability exposure to an appropriate insurer.
CPR Insurance Services can assist you with these risks.
A typical Asbestos Liability policy will cover:
When considering a General Liability cover, you need to consider the highest possible limits due to the claims taking 10 to 30 years to manifest from victims. If a Loss Occurring type cover, the liability cover applies in the same policy year as the event occurred. Consider the benefits of a “Claims Made” policy which means a more up to date sum insured and can apply retrospectively. Your Retroactive date should be no later than when this type of work commenced but if the business is closed, you will need to ‘run off’ the risk.
Insurers also have to account for the actual extraction of the asbestos material. Insurers have to ensure that asbestos contractors and others are properly accredited and licensed; and that the asbestos is properly identified and removed in a ‘safe’ fashion in accordance with specified regulations. The material must be then transported to an EPA-controlled environment such as a waste recycle station or landfill site.
Contractors must have a general liability cover for these risks to be licenced as well as cover taken out for their own employees such as Workers Compensation.
There are specific policies available for industrial, commercial and residential asbestos removal. Then there is the procedural expectation, which deals with the method of removal and transportation.
Why are these risks seemingly so complicated?
Asbestos risks are an on-going and long term problem. Claims can take years to manifest but remedial clean up work is more immediate but the consequences of whether the clean up was adequate may not be seen for years.
Is it hard to get public liability insurance for my asbestos removal company?
It is not too difficult for us as we have access to a number of insurers who will consider this type of insurance, but the insurers need a lot more information regarding your experience with asbestos removal and also if you have the correct qualification for removing asbestos in your state.
Completion of a specific Asbestos Removal Liability cover is needed and we attach a variety here.
For more information, contact CPR Insurance Services, we are experts who will save you.