Environmental Risk Managers (ERMI) and CIC Services have teamed up to launch the EnviroCap programme to help businesses control environmental risk and cost factors tied to escalating pollution liability threats.
According to ERMI, with the US significantly leading the world in climate-related litigation alone, data show that state, federal and international authorities are placing far-more-intensive regulatory scrutiny on businesses large and small, over incidents and indices of pollution and a broadening range of environmental impacts.
The EnviroCap programme will allow business owners and executive teams to hold their own legally compliant insurance company with coverage tailored to their own unique business needs and risk profiles.
Client firms that own their own environmental captive insurance company can cut up to 50 per cent from traditional insurance costs, according to ERMI.
“In today’s volatile political and regulatory environment, we’re helping business owners take control by establishing their own captive insurance company,” says ERMI president Chris Bunbury.
Bunbury notes: “Owners also benefit by obtaining coverage that is specifically tailored to insure their environmental and pollution liability risk factors in a financially beneficial way.”
Tim Welles of CIC Services comments: “With the pollution market hardening, critical coverages may be reduced or lost. The advantage of EnviroCap and a captive insurance strategy is that it gives control to the captive owner for coverage, pricing and claims while allowing the captive parent the opportunity to direct investment choices and receive favourable tax treatment.”
