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Article: Building a Better Pollution Cover.
- Article from:
- Risk & Insurance
- Article date:
- July 1, 2000
- Author:
CopyrightCOPYRIGHT 2000 Axon Group. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Most heavy construction and general building contractors are not properly insuring themselves against environmental exposures. Here's a look at the risks--and available coverages.
In the early 1990s, a Texas company, Chicago Bridge & Iron Co. (CBI), was working at an oil site. A CBI crane dropped a load of equipment directly onto a pipe leading to a hydrofluoric acid tank, which broke and vented 6,000 pounds of the acid into the air. The aftermath was sobering--4,500 respiratory-related claims, property damage and business interruption for the company, not to mention the court's ordering CBI to pay 95 percent of a $22 million damages decision.
What sets ...