Environmental Pollution

Mold

Risk Factor

Some water leaks are very obvious so they’re able to be repaired timely. Others are more discreet, causing mold to grow unnoticed. Mold is a health hazard that can make tenants very sick.

Solution

Premises pollution policies can include coverage for remediation of mold and damage to the property. It can also provide coverage for defense of claims of bodily injury as well as court-awarded damages.

Lead

Risk Factor

Many old apartment buildings contain lead-based paint, which is now known to be very harmful if absorbed into the body. Small amounts of lead can cause serious health issues and larger amounts can be fatal.

Solution

Premises pollution policies provide coverage for removal of lead-based paints and other lead hazards. It can defend against legal claims of injury caused by the lead as well as medical monitoring for ongoing concerns.

Business Income

Risk Factor

If a building is contaminated by mold, lead, asbestos, or other hazardous materials, it may be deemed uninhabitable. Owners who are unable to collect rent from tenants can suffer from significant income loss as a result.

Solution

A premises pollution policy can also provide coverage for business interruption losses including rental income, relocation, mitigation, net profits, and payroll.

Asbestos

Risk Factor

Asbestos is a heat-resistant material that was commonly found in insulation, drywall, ceilings, and floor tiles up through the mid-1970s and later. Asbestos is known to cause severe lung damage.

Solution

Because asbestos was so prevalent in construction materials and can still be found in buildings today, purchasing premises pollution insurance that includes coverage for asbestos remediation, property damage, legal defense for bodily injury claims, and medical monitoring can protect your financial investment.

On-site Oil Spill

Risk Factor

A broken pipe or the misdelivery of heating oil can result in a hazardous spill and a costly clean up. Other chemical spills can be equally detrimental for building owners. Spills can also go beyond the property line, causing third-party damage.

Solution

It can be very expensive to clean up after a hazardous material spill like oil or gasoline. If the damage extends beyond your property onto your neighbors, those costs go up exponentially. Because this sort of accident can happen quite easily, proper premises pollution insurance is essential to help mitigate the financial risk.