What is the Environmental Liability Insurance

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The Journal of Economic Life 04/03/2011 in supplement insurance and in collaboration with the MDS insurance brokers, Marsh and Aon, published an article on the Environmental Liability Insurance.

The Decree-Law 147/2008 of July 29 potentially polluting forces companies to sign a guarantee against damage to the environment.

Who should do?

The Decree-Law Article 22 and Annex III (see page 9 of Decree Law) determines the activities subject to the requirement to sign the guarantee.

How can it be done?

- Insurance Policy

- Bank Guarantee

- Equity

- Participation in Environmental Funds

What is covered?

- Environmental damage sudden and accidental

- Compensation for damage to persons or property by means of an environmental component

- Loss of use of property of others affected by environmental damage

- Costs of damage to biodiversity, water and soil

- Repair costs (even within the premises of the insured), prevention and costs of monitoring the process of repairing damage

- Legal Costs in civil and criminal securities, including attorneys’ fees and solicitors

- Costs resulting from the settlement of the claim as access to consultants specializing in environmental

How to determine the sum insured?

It is advisable to refer to specialists to determine the sum insured which depends on an assessment of potential risks to the environment resulting from the activities of the company.

The biggest problem that arises is the damage assessment, it is done from the “initial state” of the environment. But how to define the initial state? The fact is that there is still little clarity on the criteria of definition of “initial state”

If the sum insured is inadequate to cover the damage and whether the company has no financial capacity to do so will be the heritage of the directors, managers and administrators to account for missing capital.

Home Exclusion

- Dolo – any willful misconduct by the company is not covered by insurance, but the law requires to be, so only the remaining guarantees (bank guarantees, equity and environmental funds) that can be used for this purpose.

5 The disability resulting from Accident

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In an article earlier explained how the Workers’ Compensation Insurance and its exclusions.

Today I address the disabilities. These disabilities require the payment of cash benefits.

We have five disabilities:

- Temporary Total – the insurer pays a daily allowance

- Temporary Partial – the insurer pays a daily allowance and allowance for vocational rehabilitation

These two disabilities are temporary, which means that the injured employee will regain their ability to work.

- permanent total for all work – the insurance company pays an annual allowance and lifetime allowance and high permanent disability. If necessary and it is defined in the Court, the insurer will pay an additional provision for assistance to 3rd person and / or rehabilitation of housing allowance.

- permanent total for the day job – the same situation for all work more vocational rehabilitation allowance, because the claimant can perform other work.

- Permanent Partial – exactly equal to the total permanent disability for the usual work

Specific exclusions of coverage for Water Damage in Homes and Condos

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Today I will address exclusions from the Multi-risk insurance for homes and condos, especially those relating to cover water damage. A large proportion of accidents is due to water damage.

As you know, water damage is a cover that can be activated in case of breakage, defect, blockage or overflow the network interior water supply and sewerage of the building, as well as all the devices connected to that network.

If by chance the water pipes freeze and there is consequential damage, the insurer will compensate the losses from that event. Check in the General Conditions on Covered Risks – Water Damage – if your insurer covers the freezing of water pipes. There may be insurance companies that do not cover.

Can be included as costs derived from research studies to detect where the leak, as good as the cost of repair and replacement of parts affected. Check your policy in which the limit of indemnity coverage Damage Research.

Now that you understand the coverage of water damage, we will see the “painful” – exclusions.

The coverage of water damage in homes and condominiums in all insurers have the following exclusions:

- Damage caused by taps left open, except when it has been established and proven lack of water supply

- Damage caused by the entry of rainwater through the roof, doors, windows, skylights, balconies and verandas

- Damage caused by the backflow of water from drains or sewers outside the building

- Damage caused by infiltration of walls and / or ceilings, and / or humidity condensation, with the exception of damage resulting from breakdown, defect, blockage or overflow the network interior water distribution and sewage from the building, as well as all the devices connected to the same network.

- Damage caused by leaks, spills or leaks due to poor maintenance of the dwelling or building. In short, negligence.

There may be additional exclusions in some insurance. Read the exclusions of coverage for water damage in the general conditions of your insurance company to find out. But I can tell you if any, to his insurance company, any more than those already mentioned, change your insurance to an insurer that has only these exclusions.

What is a Liability Insurance Family and its exclusions

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I’ll give you a simple definition of what is a liability insurance : covers everything except the exclusions .

There are several types of liability insurance. Today I will address the insurance aimed at families.

In my business of insurance brokerage, has been asked something like this:

“I wanted an insurance to cover damage to my son at home cause of others’

You can insure this risk in two ways:

1 – Make sure your insurance filling the housing has a Family Liability coverage or named non-contractual. If so, make sure the capital is sufficient for their needs.

2 – Should not have this insurance coverage in the filling of the housing or capital is insufficient, then you must subscribe to a party.

The family liability insurance is intended to cover injuries and damage caused by household members who live together, to third parties.

Who is covered by this insurance, or who is the insured?
- A family living together

- Domestic workers, while serving in the insured

What damage can be covered?
- Physical and material

- Bicycle circulation caused by the insured, provided it is not on public roads subject to road traffic

- Caused by machinery or household of the insured property, provided they are not for professional use

- Practice of amateur sport, except Hunting and Shooting

- Caused by pets such as cats, dogs, birds and animals in the backyard. Exceptions to the wild and potentially dangerous (here should be made specific insurance for the same)

Who are the so-called “third party”?
Third is the one who suffers an injury to be compensated. The family itself is excluded. If you think that beautiful vase in the living room, which was broken by his grandson, is covered by this insurance, forget it.

Exclusions
- Damage caused to family

- Intentional acts or omissions (intentional)

- Acts of the insured person when in a state of dementia, epilepsy, mental disorders or under the influence of alcohol and drugs

- Damages in professional liability – there is specific insurance to cover such damage

- Damage resulting from the possession of property – the water damage caused to the neighbors are not covered by this insurance

- Damage resulting from the use of land vehicles, air or water except for bikes since it does not circulate on roads subject to road traffic.

- Damage resulting from claims based in fines and quasi-fiscal

- Damage to objects or animals whose ownership is not the insured

- Damage caused by storage or use of explosive substances – attention to the handling of the chemistry set for your child and nothing to make fireworks at home, ok?

- Damage resulting from theft, fire or explosion – are covered by multi-risk home insurance

- Consequential damages, such as economic or financial loss suffered as a result of the third act caused by the insured, this Act covered by insurance.

- If you have a dog breed Bandog, Castro Laboreiro, Doberman, Pit Bull Terrier, Rottweiler, Staffordshire and Tosa, make an insurance Liability Potentially Dangerous Animals, because this insurance does not cover damage caused by these animals.

- There are other exclusions, but these are the most important.

BOTTOM LINE: how do I cover the damage caused to third parties for my family?

1 – Make sure the filling insurance coverage and housing has sufficient capital to satisfy my needs.

2 – If necessary, hire an additional Insurance Liability Family

3 – If you have a potentially dangerous dog breed, hiring an insurance Liability Potentially Dangerous Animals

4 – How to ride our bikes on the road, hire a specific insurance for bicycles ( Liberty or Macif have products for this purpose) or hire a car insurance for each bike.

Caring for when analyzing a proposed insurance

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In my profession I have seen many decisions taken only and exclusively on the price.

I’ve heard: ” I have 100 euros cheaper for my car ”

I say, ” The covers are the same? ”

The customer responds, ” I saw a tall, is more or less. Has Liability, Roadside Assistance, glasses, everything … ”

After it was found that:

1 – The customer does not have the coverage of competition broken down and explained. Only the price and insurance value of the car and marked “Liability, Roadside Assistance, Holders, Glassware, Legal Protection and Damage Own.” It remains to discriminate the Own Damage …

2 – It appears that the value of the vehicle is lower than the market value of the vehicle

3 – There’s new replacement value (see a previous article which means, believe it is essential for a brand new car to protect your investment)

4 – 2% Franchise or fixed

5 – No replacement vehicle in case of failure and / or accident

Customer: ” Ahah! Well because … ”

Dear reader or reader face to avoid this simply do the following:

Ask all proposals in writing to the full breakdown of capital and coverages, deductibles and limits of compensation. If necessary, ask for clarification on certain coverages and how they work.

I do this in my business and my customers know what they are purchasing.

“When the charity is great, the poor are suspicious.” You know that saying? In the insurance is the same thing. If the price difference is very large, of two things: either walked to be “taken” all these years or the coverage and deductibles are not comparable (most likely).

Insurance is too serious a matter to be treated lightly. Make decisions after a detailed analysis. Ask your broker to help in the decision. He or she is his advisers. When you go to the doctor or the lawyer follows their advice, right? Do the same with your mediator. If the mediator is of those who submit proposals without discriminating covers or does not give you the support you deserve, replace the mediator. You only have to win!