The Environmental Liability Directive (Directive 2004/35/EC) regarding the prevention and remedying of an environmental damage provides a framework of environmental liability based on the’polluter pays’ principle.
The Irish Environmental Protection Agency (EPA) firmly support the ‘polluter pays’ principle and have established the requirement for adequate ‘Financial Provision’.
The level of ‘Financial Provision’ required of a company will vary depending on three things: the complexity, and therefore the risk, attaching to the site; the sensitivity of the receiving environment and the effective management of environmental risk by the company.
The EPA are recommending that Environmental Impairment Liability Insurance is put in place to cover unknown liabilities in the future. We are currently reviewing all license holders to ensure the correct financial provision is in place.
With regard to the arrangement of insurance in relation to a company’s obligation to ensure adequate ‘Financial Provision’ MBC Insurance can arrange insurance policies that provide a broad range of coverage for:
- First / Third Party Clean-up
- Third Party Bodily Injury / Property Damage
- Coverage for Pollution Conditions: no distinction between sudden accidental and gradual coverage
- Cover Changing Legislation
Contact us for further details on 021 427 5347.