How to Protect the Asbestos Abatement Industry With Insurance
Asbestos is a natural occurring mineral. A heat resistant, fibrous, colorless and tasteless matter, it has been used as the wonder material used in many household, business and industrial products. Once the public was made aware of the danger lurking behind the material, it was widely dismissed as a safe element in construction and other markets. Benefits certainly do not outweigh the mineral’s link to mesothelioma, lung cancer and asbestosis.
How did the public react to the prevalence of asbestos in buildings, offices and other property? Because of the hazards related to the substance, even today property owners are using the professional services of the asbestos abatement companies.
But while there is no argue over the necessary removal of the harmful product, the industry does face unusual exposure to liability. Related insurance products are sought after by those in the industry.
See below for three examples of coverage for differing related needs.
Asbestos Abatement Consultants Professional Liability Coverage
Experts in the abatement process are hired by property owners as consultants. Their job is to confirm the need to remove the substance and to design a suitable plan of action. Insurance companies offer related professional liability plans to shield consultants from the potential of lawsuit in regard to a mistake in assessment and wrongful advice on how to proceed in the removal project. Additional, many insurance providers extend the coverage for asbestos abatement contractors to incorporate professional liability coverage for associated consultants.
Asbestos Abatement Contractor Coverage
In the past, it was a given that public places, like educational centers or business offices were constructed via asbestos materials. This was done so as to utilize the heat resistant properties to prevent the spread of fires. Once it became common knowledge that asbestos lead to serious health hazards, the use of the asbestos abatement professional has become standard for older buildings.
Of note is the fact that this exclusive form of liability insurance is difficult to place and that the insurance companies write policies with extreme care.
Asbestos Abatement Bonds
Public domains that need asbestos or lead abatement have another important insurance component before work can be done by the contractor. Any contractor working with asbestos mitigation must buy a surety bond aside from the liability coverage.
Of course, speaking with a qualified independent agent that has experience in this form of indemnity is the best mode to gain the necessary knowledge about the insurance needs of this industry.
Source by M Wyzanski