Last week, insurance representatives told the Ontario Bar Association that environmental cleanup insurance has become much less expensive, perhaps 1 cent per square foot per year for large property portfolios. The available coverages have also expanded.
This is good news. Environmental insurance is appealling, but has usually been too expensive for smaller deals and single sites of almost any size. Perhaps the new pricing will now bring it into reach.
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There are now 31 carriers that provide some sort of environmental coverage. Pricing has plummeted from even 3 years ago. Coverage should be the key concern for protection, not pricing. Some carriers gear their policies to not provide much coverage. You need to have someone that is in the market everyday, an expert, in order to navigate the world of environmental insurance. Only then will the insured reap the full benefits of this valuable coverage. We have a full team at Bliss & Glennon.