Environmental Liability Insurance
Products that fall under the category of environmental liability insurance protects a company from financial loss that arises from pollution / contamination accidents. The policy can provide long-term protection against known environmental risks as well as unknown sudden, accidental, gradual, and historical pollution liabilities.
Environmental liability insurance in Korea can cover:
- Clean-up / remediation costs including regulatory costs
- Third party bodily injury and property damage liability losses
- Environmental related business interruption expenses
- Legal defense costs
The insured can transfer actual or potential environmental risks to an insurance policy to ring fence future financial exposure. Environmental liability can also resolve known pollution issues that are a roadblock to a potential sale or acquisition.