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Definition: Environmental Insurance is a form of business insurance that covers companies and protect them from un-insured environmental liabilities they may face.
Standard public liability policies offer limited environmental cover and, therefore, questionable protection for pollution liabilities. In addition new environmental legislation increases the range of risks and responsibilities for companies.
This type of policy helps companies to cover costs associated to remediation project which overlap the total amount of investment estimated. Additional costs could include: regulatory or requirement changes, discovery of new contaminant, delays and difficulties in the execution of the original remediation plan.