Obtaining an environmental insurance policy is unlike binding insurance of any other type. Typically, insurance coverage is purchased without question and without much thought: a property is purchased or sold, a call made to the insurance broker who binds coverage and the parties feel secure. This security exists regarding liability and casualty coverage and the secure feeling is well supported; however, environmental insurance coverage is entirelydifferent and requires much more scrutiny and evaluation.
Policies are infinitely more complex, property specific and risk managed (from the insurer’s perspective). For a buyer or sell to truly be secure, binding environmental insurance to properly manage the risks requires an expert that represents his interests.
Experts in this field who represent Buyers and Sellers are rare because many parties do not know the risks involved. Others rely on their attorneys who may not specialize in environmental insurance analysis. For those in the know, a call to John Campanile at Stanford Risk Management is fundamental to prudent risk management.