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Insurance is a means of protection from financial loss in which, in exchange for a fee, a party agrees to compensate another party in the event of a certain loss, damage, or injury. It is a form of risk management, primarily used to hedge against the risk of a contingent or uncertain loss.
Brownfield refers to land that is abandoned or underutilized due to pollution from industrial use. The specific definition of brownfield land varies and is decided by policy makers and/or land developers within different countries. The main difference in definitions of whether a piece of land is considered a brownfield or not depends on the presence or absence of pollution. Overall, brownfield land is a site previously developed for industrial or commercial purposes and thus requires further development before reuse.
Superfund is a United States federal environmental remediation program established by the Comprehensive Environmental Response, Compensation, and Liability Act of 1980 (CERCLA). The program is administered by the Environmental Protection Agency (EPA). The program is designed to investigate and cleanup sites contaminated with hazardous substances. Sites managed under this program are referred to as Superfund sites. There are 40,000 federal Superfund sites across the country, and approximately 1,300 of those sites have been listed on the National Priorities List (NPL). Sites on the NPL are considered the most highly contaminated and undergo longer-term remedial investigation and remedial action (cleanups).
Vehicle insurance is insurance for cars, trucks, motorcycles, and other road vehicles. Its primary use is to provide financial protection against physical damage or bodily injury resulting from traffic collisions and against liability that could also arise from incidents in a vehicle. Vehicle insurance may additionally offer financial protection against theft of the vehicle, and against damage to the vehicle sustained from events other than traffic collisions, such as keying, weather or natural disasters, and damage sustained by colliding with stationary objects. The specific terms of vehicle insurance vary with legal regulations in each region.
Home insurance, also commonly called homeowner's insurance, is a type of property insurance that covers a private residence. It is an insurance policy that combines various personal insurance protections, which can include losses occurring to one's home, its contents, loss of use, or loss of other personal possessions of the homeowner, as well as liability insurance for accidents that may happen at the home or at the hands of the homeowner within the policy territory.
In insurance, the insurance policy is a contract between the insurer and the policyholder, which determines the claims which the insurer is legally required to pay. In exchange for an initial payment, known as the premium, the insurer promises to pay for loss caused by perils covered under the policy language.
In environmental law, the polluter pays principle is enacted to make the party responsible for producing pollution responsible for paying for the damage done to the natural environment. This principle has also been used to put the costs of pollution prevention on the polluter. It is regarded as a regional custom because of the strong support it has received in most Organisation for Economic Co-operation and Development (OECD) and European Union countries, and has a strong scientific basis in economics. It is a fundamental principle in US environmental law.
Liability insurance is a part of the general insurance system of risk financing to protect the purchaser from the risks of liabilities imposed by lawsuits and similar claims and protects the insured if the purchaser is sued for claims that come within the coverage of the insurance policy.
In insurance, co-insurance or coinsurance is the splitting or spreading of risk among multiple parties.
Directors and officers liability insurance is liability insurance payable to the directors and officers of a company, or to the organization itself, as indemnification (reimbursement) for losses or advancement of defense costs in the event an insured suffers such a loss as a result of a legal action brought for alleged wrongful acts in their capacity as directors and officers. Such coverage may extend to defense costs arising from criminal and regulatory investigations or trials as well; in fact, often civil and criminal actions are brought against directors and officers simultaneously. Intentional illegal acts, however, are typically not covered under D&O policies.
The National Priorities List (NPL) is the priority list of hazardous waste sites in the United States eligible for long-term remedial investigation and remedial action (cleanup) financed under the federal Superfund program. Environmental Protection Agency (EPA) regulations outline a formal process for assessing hazardous waste sites and placing them on the NPL. The NPL is intended primarily to guide EPA in determining which sites are so contaminated as to warrant further investigation and significant cleanup.
Marine insurance covers the physical loss or damage of ships, cargo, terminals, and any transport by which the property is transferred, acquired, or held between the points of origin and the final destination. Cargo insurance is the sub-branch of marine insurance, though marine insurance also includes onshore and offshore exposed property,, hull, marine casualty, and marine losses. When goods are transported by mail or courier or related post, shipping insurance is used instead.
In insurance claims, a total loss or write-off is a situation where the lost value, repair cost or salvage cost of a damaged property exceeds its insured value, and simply replacing the old property with a new equivalent is more cost-effective.
Expatriate insurance policies are designed to cover financial and other losses incurred by expatriates while living and working in a country other than one's own.
An owner controlled insurance program (OCIP) is an insurance policy held by a property owner during the construction or renovation of a property, which is typically designed to cover virtually all liability and loss arising from the construction project.
Professional liability insurance (PLI), also called professional indemnity insurance (PII) but more commonly known as errors & omissions (E&O) in the US, is a form of liability insurance which helps protect professional advising, consulting, and service-providing individuals and companies from bearing the full cost of defending against a negligence claim made by a client in a civil lawsuit. The coverage focuses on alleged failure to perform on the part of, financial loss caused by, and error or omission in the service or product sold by the policyholder. These are causes for legal action that would not be covered by a more general liability insurance policy which addresses more direct forms of harm. Professional liability insurance may take on different forms and names depending on the profession, especially medical and legal, and is sometimes required under contract by other businesses that are the beneficiaries of the advice or service.
The United States Environmental Protection Agency (EPA) defines brownfield land as property where the reuse may be complicated by the presence of hazardous materials. Brownfields can be abandoned gas stations, dry cleaning establishments, factories, mills, or foundries.
The Alabama Plating Company Superfund site is a former industrial site in Vincent, Alabama. The site covers 6 acres and was used by the Alabama Plating Company as an electroplating facility between 1956-1986. The facility caused contamination of the ground water with hazardous waste containing heavy metals. After assessment by the United States Environmental Protection Agency (EPA) it was added to the National Priorities List in September 2012 for remedial action. The site cleanup is directed by the federal Superfund program.
Commercial general liability insurance is a broad type of insurance policy which provides liability insurance for general business risks.
References
- ↑ "Absolute Pollution Exclusions Aren't Always Absolute | Insurance Policyholder Advocate". jonesdayblogs.com. Retrieved 2016-01-18.
- ↑ Environmental Pollution Insurance: A Fluid and Ever-changing Market
- ↑ Chemical & Engineering News: Latest News - China's Pollution Insurance
- ↑ Pollution insurance growing in popularity - Philadelphia Business Journal:
- ↑ As Citizens Sue, China's EPA Demands Compulsory Pollution Insurance : TreeHugger
- ↑ Reputation And The Efficiency Of Legal Rules Archived 2008-06-16 at the Wayback Machine
- ↑ "Oregon Enacts Significant Amendment to Environmental Clean-Up Insurance Statute | JD Supra". JD Supra. Retrieved 2016-01-18.