At A.P. Reid, we consider consumer education to be one of our top priorities. An informed insurance buyer will made educated decisions about their insurance - ensuring that you avoid trouble down the road in the event of a claim. A.P. Reid customers benefit from the important information contained in our series of hundreds of Customer Information Bulletins. Below you will find a selection of these bulletins related to Business Insurance. Check back often as this selection will be updated from time to time.
Although pollution to our environment can be caused by any number of factors in your day to day business operations, this particular bulletin is going to focus on your heating fuel supply – your Oil Tank. If your business contains other chemicals and waste products that could cause the Department of Environment to begin digging up your premises and neighbors, we need to talk further – but everyone with oil heat faces risks with their oil supply and their oil tank
Commercial Business Policies do not offer ANY FORM OF POLLUTION COVERAGE whatsoever. There is no liability coverage for Third Parties, nor is there any coverage for cleanup at your own location. If you lease your space, the oil supply and the oil tank may not be your legal problem; but if you own your own building, and it is heated with oil, you need to consider Environmental Impairment Insurance.
Pollution coverage ranges from Sudden and Accidental leakages that affect only third party property right through to full slow leakage and discovery that affects your own property as well as a third party. Each enhancement of the scope of coverage costs more money. In addition, the necessity of providing information to insurance companies to obtain a price can often cost money too.
When you acquired your property, you also inherited, by law, any undetected and unreported spillage that may have occurred before your time. It takes a lot of premium to insure this hidden risk from past events, and it usually takes an engineer’s report, supplied by you to confirm there are no known risks.