MiWay has launched a specialised product to cover the spillage risk inherent in the transport of dangerous goods, including environmental damage as a result of a riot or strike. The company’s Environmental Transport Liability is specifically designed to cover the environmental impairment risks of transporting dangerous products following a release into the environment.
“Our roads carry thousands of tankers transporting hazardous substances, and the accident rate is significant. With environmental issues high on the agenda at the moment, we believe this new product is timely on many fronts,” says Jason Mellow, Head of MiWay Business Insurance. “Businesses need to be covered for the risks they run when these dangerous goods are transported and an accident does happen, specifically with regards to the rehabilitation of any contamination of the environment during the period in which the dangerous substances are on the move.”
The policy covers the clean-up and environmental rehabilitation required as a result of a release of hazardous substances into the environment from an insured vehicle. Clean-up includes emergency containment and measures to reduce further spread into the environment. Rehabilitation includes, but is not limited to, the removal and treatment of contaminated soil and water sources. Our expert claims team will handle the complexities that arise from these types of incidents and guide the transporters through the various compliance and reporting processes that are legislatively required.
“Another important element of MiWay’s Environmental Transport Liability insurance is that the policyholder’s employees are covered while engaged in the policyholder’s business, provided of course that they adhere to the policy’s conditions as applicable,” he adds.
“Given the growing body of environmental legislation, and in line with King IV’s emphasis on every company’s reliance on the six capitals, which include environmental capital, responsible companies are taking their responsibility to cover their liabilities when transporting dangerous goods seriously. MiWay’s Environmental Transport Liability policy is responding to a clear market need,” concludes Mellow.
MiWay is a licensed non-life insurer and Financial Services Provider (FSP 33970).