Environmental Insurers Cover Long-Term Stewardship Liabilities
Long-term stewardship liability is the risk that, post active remediation, institutional/engineering controls (IC/EC’s) at brownfield facilities will fail and thus create exposure pathways to hazardous substances left in place. Traditionally, this liability, which can last “in perpetuity,” has been excluded from site pollution liability policies. Over the last year, however, a number of environmental insurers have offered coverage for this liability under an endorsement drafted by Susan Neuman. The coverage is contingent on periodic monitoring/tracking of the IC/EC’s and annual certification by an approved engineering company.