RMI 3504 Lecture Notes - Lecture 12: Underground Storage Tank, Punitive Damages, Acid Rain
5 May 2016
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Environmental insurance policies: site specific insurance environmental liability (eil) Pollutants has to come from the insureds property. Coverage for bodily injury of others, property damage, cleanup an defense caused by pollution. Runoff from your property onto a neighboring property. Guest speaker said: mold exclusion in their policies: other environmental policies. Excess policies: a policy which covers claims beyond the limits of an underlying policy. Or a combination of the two: all umbrella policies are excess policies, but not all excess policies are umbrella policies. Umbrella policies broaden coverage, excess does not. Umbrella policies: provides excess coverage above limits on an underlying policy. Can provide for coverage gaps in an underlying policy. Under certain circumstances, policy may drop down and provide coverage below the limit for exclusions in a lower lying policy, but isn"t excluded in the umbrella policy. Depends on the language of the policy. High net worth individuals and businesses are the common purchasers of the policy.
