Colorado Pollution/Environmental Liability
There is no quicker way to destroy your company’s reputation these days then by partaking in practices that are deemed to be environmentally hazardous. There is a massive corporate movement toward more sustainable business practices, including reducing carbon emissions and transporting goods more efficiently. What it all boils down to is that accidents happen, and pollution/environmental liability insurance is in place to protect Denver businesses when accidents happens. A sewer line may be damaged on a construction site, or a retaining pond may become breached unintentionally – these are times when environment liability insurance for your Denver company will be a lifesaver. This insurance will help a company manage the financial strain of correcting an environmental disaster, which can include cleaning up a spill, properly disposing harmful waste or replacing damaged equipment.
Some may recall the Summitville Mine. It was a gold mining site in Rio Grande County, Colorado 25 miles South of Del Norte. It is best remembered for the environmental damage caused in the 1980s by the accidental leakage of mining by-products into local waterways and eventually the Alamosa River. Similar incidents have occurred with mines (both working and abandoned) across North America, and even in Canada. This is a prime example of when pollution/environmental liability insurance would be an asset in Denver. With this insurance comes the financial assistance necessary to repair the leak at the mining site, as well as clean up the waterways effected. Here are some additional real-life situations where pollution/environmental liability insurance would have to come into play:
- Oil and chemical spills are among the most devastating environmental disasters because they affect people, animals, the land and the coastal waterways. They can kill wildlife, destroy habitats, and contaminate critical resources in the food chain. These spills range from small ship collisions to fuel transfer mishaps to massive events like the recent BP Deepwater Horizon oil spill.
- A nuclear accident is still possible even though the construction and operation of nuclear power plants are closely monitored and regulated by the Nuclear Regulatory Commission (NRC). A recent example would be the Fukushima Nuclear Power Plant, which began leaking radiation into the Pacific Ocean after a natural disaster caused a breach in the reactor.
- A biological threat is typically associated with the deliberate release of a biological agent, such as a bacteria, virus, or toxin in an act of terrorism; however, such a threat could very well result from an accident in a research lab. These accidents can result in the contamination of livestock and drinking water.