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Premises Pollution Liability for Property Developers

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Commercial real estate is a billion dollar industry, turning open land or old structures into apartment buildings, strip malls, and other profitable centers. Typically there are many people involved in the development of these locations, as well as the companies that own and/or manage them after they are built.

Carrying Premises Pollution Liability insurance is a crucial part of responsibly operating a business like this, and can protect the insured in the event of an environmental exposure.

What Type of Insurance Does a Property Developer Need?

The environmental insurance policy that is most applicable to addressing concerns for property developers is Premises Pollution Liability. This product is designed to provide coverage for unknown, historical environmental liabilities as well as unknown, future environmental liabilities. It provides First and Third Party Liability, Clean Up coverage, and Third Party Bodily Injury and Property Damage coverage.

What Types of Issues Can Premises Pollution Liability Cover for Property Developers?

Premises pollution liability insurance can address issues including:

  • Historic/legacy issues found in the soil and groundwater.
  • Third party mold claims and other indoor air quality issues.
  • Legionella and other bacteria claims.
  • Loss of rent due to pollution exposure.
  • Leaking Heating oil tanks and clean-up.
  • Bodily Injury from asbestos tiles and pipes wrapped in asbestos insulation.
  • Lead paint ingestion.
  • Phantom storage tank coverage.
  • Defense protection for the above.

Common Classes of Business that Buy Premises Pollution Liability

  • Property Managers
  • Real Estate Investment Funds
  • Developers that own/manage:
    • Condos and apartment buildings
    • Commercial Office buildings/parks
    • Vacation home management companies
    • Shopping centers/strip malls
Minimum premiums for Premises Pollution coverage for real estate portfolio risks are around $10k and limits start at $1M. The policy duration can be secured for 1-7 years, possibly 10 years depending upon its future use and contractual obligations.

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