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CHALLENGE
A world-wide manufacturer of building products retained Premier to develop a risk transfer program involving an off-shore captive entity. The program would cover manufacturing facilities in Canada, the United States, and Europe. Some of the European facilities have been operating for over one hundred years, while the North American locations ranged in age from 60 years old to brand new. Historical contamination was presumed to exist at many of the older facilities, many of which had never been subjected to soil and/or groundwater investigations. The manufacturer sought to identify the actual and potential risks at all facilities for the purpose of setting up the captive insurance program.
APPROACH
Premier staff compiled environmental risk assessment reports of over thirty properties by conducting site inspections and telephone surveys and reviewing documents available at the facilities and corporate offices. The information was used to make risk control recommendations and create remediation cost estimates. The reports written by Premier were relied upon by the client to determine the value of the environmental insurance coverage required for each site.
BUSINESS SOLUTION
Premier’s innovative environmental risk transfer program saved the client thousands of dollars each year in operational upgrades and maintenance because it allowed the client to maintain environmental insurance on risks that would otherwise be excluded from commercial insurance policies. The program also allowed the client to maintain full financial and operational control over its insurance program.