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Capital & Insurance
Friday, 21/06/2018, 02:07:11 AM
2016 Aviation Insurance Report (continuous)
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One area where some aircraft operators and other airport tenants may find themselves underinsured is in environmental insurance. According to Edwin Baez, vice president of Berkley Specialty Underwriting Managers Environmental division, the exceedingly high cost of environmental cleanup and remediation has prompted many airports to add environmental insurance stipulations to contractual agreements.

“We’re seeing more requirements for purchasing environmental insurance even for something like a hangar, which most people would see as low risk,” Baez said. “If you set foot on an airport, you’ll need to carry environmental insurance… and name [the airport] as additional insured. That’s becoming commonplace.”
Baez cited several aviation activities with environmental exposures, including fueling, de-icing, aerial chemical application, aircraft repair and painting, part manufacturing, and fuel transportation and storage. Fuel storage tanks–both above ground and subterranean–can incur significant environmental costs in the event of an accidental release.

“Cleanup and remediation of underground storage tanks can cost up to $1 million per tank,” said Baez. “If you’re in a difficult state like California, Florida or Texas, and you contaminate drinking wells, it could go way beyond $1 million.”

Source: ainonline.com (to be continued)

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