Published: Jan 1993
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Environmental impairment liability (EIL) insurance is available for petroleum storage tank and other environmental exposures. Recent standards and performance criteria for leak detection for underground storage tanks (USTs) and other technical standards for USTs have been both a benefit and an interference to risk-based underwriting of storage tank EIL insurance programs. Insurance underwriters and state financial responsibility program administrators are confronted with confusing information to manage these environmental risks.
Standards and certification are also key issues for site assessment programs. Recent activities from ASTM and the Institute for Environmental Auditing (IEA) have addressed the need to increase the professional stature of site assessments and environmental management. Reaction and acceptance of these efforts by the users have been mixed. Ultimately, these efforts will greatly impact insurance coverage for environmental risks.
environment, pollution, liability, insurance, underground storage tanks, certification, site assessments, Institute for Environmental Auditing
PresidentConsultant, Institute for Environmental AuditingTillinghast, Washington, D.C.Arlington, VA