Avsurance: Environmental Liability Insurance Becoming More Mainstream Requirement
CHARLOTTE, N.C. / March 10, 2020 / GENERAL AVIATION NEWS – Avsurance—Avfuel Corporation’s in-house aviation insurance subsidiary—reports that environmental liability insurance is becoming more of a mainstream coverage option.
Environmental liability is a comprehensive coverage beneficial to fuel handling operations with pollution policies that cover the entire airport, not just at the site of fuel storage tanks, which are typically insured. These coverages protect operations exposed to unforeseen financial responsibility—upward of more than $100,000—and even business interruption for spills or other environmental-related incidents.
“It surprises me how few of our new customers have ever been exposed to the option for environmental liability coverage, especially as we find most airports are beginning to require it,” said Ed Underwood, president of Avsurance. “It’s something Avsurance has offered to all its clientele for some time now, but we continue to hear from prospects and new customers that the option was never mentioned to them before.”
Because of this, fuel handlers—such as FBOs and flight departments with their own fuel storage tanks—may not be aware of requirements to have environmental coverage to comply with landlord, vendor, or federal or state requirements, and be responsible for penalties for unmet risk protection.
Those who have gone without it for so long may site its expense as a deterrent. And while, overall, rates have increased throughout the insurance industry, Underwood notes that’s not been the case here.
“Environmental liability is trending opposite of other coverages,” said Underwood. “While it used to be considered too expensive for most FBOs, the cost is now reasonable, especially considering the cost to not have it.”
Environmental liability includes coverages for premises pollution, product pollution, contractor’s pollution liability, renewable and alternative fuel storage, above-ground storage equipment, below-ground storage equipment, over-the-road transport, and general liabilities.
“Having this coverage is a critical component of responsible risk management for hazardous materials,” said Underwood. “And as environmental initiatives continue to play a larger role in corporate social responsibility goals, we’re happy to provide our customers with this offering and educate them on its merit.”
A leader in the provision of comprehensive aviation insurance, Avsurance is an aviation-focused, single-source access point to a variety of risk management solutions, including specialty environmental insurance products. Avsurance clients include, but are not limited to, fixed base operators, commercial flight departments, scheduled carriers, flight schools, regional airlines, freight/cargo haulers, airports, aviation products manufacturers, helicopter operators, and more.
ABOUT AVFUEL CORPORATION
Avfuel provides fuel and services to the global aviation industry and is the leading independent supplier in the United States. Established as a supply and logistics company more than 45 years ago, Avfuel is core competent in every aspect that surrounds the delivery of fuel—from refinery to wingtip. Avfuel combines global access with personalized service throughout a fueling network of more than 3,000 locations worldwide and 650+ Avfuel-branded dealers. Our 100% dedication to aviation demonstrates our passion and commitment to a global community that prospers on the movement of goods and services around the world.