Make environmental risks top of mind
The construction industry is responsible for nearly one-third of all industry-related pollution incidents in the United Kingdom, according to the Environment Agency. In addition, the ‘polluter pays principle’ stipulates that companies causing environmental damage are financially liable for cleaning it up, repairing the damage, managing the recovery of a damaged area and potentially paying compensatory remediation. Failing to act immediately to prevent environmental damage could result in unlimited fines, prison sentences and senior staff being held accountable.
Help protect your firm by conducting comprehensive environmental impact risk assessments for every project and purchasing environmental impairment liability (EIL) insurance, as a standard liability policy may not cover environmental damage.
EIL insurance provides cover for clean-up requirements, investigation and defence costs, third-party claims for bodily and property damage, and business interruptions resulting from pollution or contamination events. However, in order for the insurance to come into effect, your firm must prove that you took all available actions to minimise the extent of the damage and to prevent it from spreading. To ensure that your policy fits your construction firm’s specific needs, contact Lockyers today.