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| Companies in all industries are feeling enormous pressure from both regulatory and financial communities to proactively address their environmental issues — issues that can have a dramatic impact on earnings, stock value, and public perception. |
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Shareholders and boards require their management to reduce environmental liabilities, free up funds for investment, and better manage risk to meet or exceed growth and profit goals.
The source of these liabilities can be diverse and may include ones of their own making as well as others that are external to their own operations. Air quality at manufacturing facilities, mold, and contaminated site remediation are just a few of the issues that a company might face. Some environmental issues may be insurable to one degree or another; others may not.
Take mold for example. Mold is an increasingly serious and expensive problem facing businesses across the country. It is also one that traditional property insurance does not cover, leaving companies with a significant amount of retained risk. There are a number of large, mold-related losses that have impacted all industries, including the hospitality, financial services, architectural and real estate sectors.
What Will You Say When They Ask What Happened?
Although firms are well aware of the potential impact of environmental loss, they often lack the means of identifying and addressing the pitfalls and exposures that exist within their organizations. Questions that executives need to be asking themselves include:
- Do I know of all my company’s environmental liabilities?
- Do I have a plan in place to address each of these issues?
- Will my insurance cover related remediation and liability costs?
- Are my employees, customers, vendors, and/or the surrounding community potentially impacted by these issues?
- From an insurance perspective, do I know my options? Can I file a claim and, if so, do I know the proper procedures to secure the greatest possible settlement?
Who's Looking Out for You?
Marsh discovers the sources of risk-based problems and delivers measurable solutions that improve our clients' position and impact overall company performance in risk management. We take a multidisciplinary approach, drawing on our unmatched resources of risk specialists.
To assist clients in better addressing these issues. Marsh has developed a broad range of consulting and risk transfer solutions that involve the implementation of strategies with both immediate and long-term benefits. These include:
Operational Management Services — maintains and improves day-to-day environmental performance and compliance. These services include performing client needs analyses and assisting with developing, implementing and integrating an environmental management system (EMS) into their operations as well as those of their downstream suppliers. In addition, the Business Continuity Management practice can assist in the designing and performing of environmental audits/risk assessments of facilities, suppliers, and disposal practices in response to regulatory compliance and design and implementation of environmental training programs for a firm's management and employees.
Forensic Accounting and Claims Services — Marsh's Claims Accounting and Preparation Services (CAPS) group, comprising certified public accountants and forensic accountants, specializes in forensic accounting for pre-loss business interruption valuation and post-loss measurement of damages. The group's focus is to maximize loss recovery and speed processing time. CAPS develops successful claim preparation strategies and leverages its market knowledge and extensive broker relationships to maximize recovery for clients. Within 24 to 48 hours, our service teams can be anywhere in the world to manage a client's business needs or assist in the preparation and valuation of a loss.
If you have any questions or would like additional information, please contact us.
If you are seeking information about insurance and related services, please visit marsh.com.
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