Environmental insurance coverage has grown significantly in the construction industry over the last five years, according to William P. Hazelton, executive vice president, environmental and construction, for ACE Group.
Hazelton says that the recent escalation in demand for environmental coverage is primarily due to most construction contracts now including a requirement for the coverage along with other insurance. About five years ago, contractors didn’t need an environmental policy to bid on many projects, but today it’s almost always required.
Tighter regulatory requirements also factor into the trend. The U.S. Environmental Protection Agency is paying closer attention to intrusion of potentially harmful vapors into commercial and residential buildings. These can be from environmental contaminants in the subsurface that can be disturbed during construction.
Companies also need to be aware of air quality issues including from mold contamination, vapors from carpeting or furniture, and exhaust fumes from a loading dock located too close to a building’s ventilation system. These hazards can be addressed with pollution liability coverage.
Related Stories
Codes and Standards | Mar 22, 2017
Brick Industry Assn. study finds brick buildings cost less than precast, metal, and glass
The study compares costs in five categories of construction.
Codes and Standards | Mar 21, 2017
Calif. shopping center is first to earn BREEAM USA In-Use certification
The certification measures and monitors environmental performance of existing buildings.
Codes and Standards | Mar 20, 2017
Professional liability insurance rates for architects and engineers expected to be stable in 2017
Premiums leveled off in 2015, and claims have been stable, helping to hold costs down.
Codes and Standards | Mar 15, 2017
Energy Star program at risk
The standard-setting initiative for energy-efficient products may be a victim of Trump budget cuts.
Codes and Standards | Mar 14, 2017
Timber Innovation Act to promote tall wood buildings introduced in Congress
The measure has bipartisan support.
Codes and Standards | Mar 13, 2017
U.S. House and Senate have voted to repeal Dept. of Labor’s 'blacklisting' rule
The rule mandates labor compliance review for federal construction contractors.
Codes and Standards | Mar 9, 2017
WiredScore forms Connectivity Advisory Committee
The committee's creation is an important step forward for the group that evaluates internet connectivity in buildings.
Codes and Standards | Mar 8, 2017
New guide examines multifamily high-performance ventilation
The focus is on cost and performance of various systems.
Codes and Standards | Mar 7, 2017
Canada’s national building codes will encompass effects of climate change
Forecasted data, not historical data, will be used as the basis for the codes.
Codes and Standards | Mar 6, 2017
ConsensusDocs updates standard short contract editions
The updates address industry changes impacting insurance, legal, technology, and terminology.
