Maryland Pollution Insurance Policy Information
Maryland Pollution Insurance. With today's increased awareness of environmental issues, it is important to protect your business and those around you from the pollution risks associated with your operations. Maryland pollution insurance covers all costs related to pollution-related claims. This includes the costs of cleaning and restoring your property and liability for injuries caused by pollution.
Pollution insurance covers property owners, construction companies and various other contractors and entities in cases of environmental pollution and the problems it can cause to persons, to properties and to the environment. MD property owners need this insurance to protect their land, structures and other fixed facilities, while contracting companies will need contractor's pollution insurance to protect against damages and injuries that may occur during operations.
Maryland pollution insurance protects your company from lawsuits related to pollution with rates as low as $107/mo. Get a fast quote and your certificate of insurance now.
Pollution Insurance Basics
It is important to be able to differentiate between first party coverage and third party coverage when evaluating environmental impairment liability insurance.
First-party coverage: Provides you with funding if you have a spill or contamination that needs cleanup. This might be necessary if any chemical used in your business leaks into the ground on your property. Your first-party Maryland pollution insurance policy would fund the cleanup effort.
Third-party coverage: Protects businesses from the release of pollutants that can adversely affect others. For example, in case there was a leak at your plant and toxins were released into the air in the surrounding community requiring residents to evacuate, your third-party coverage could provide the necessary funds to pay the resulting costs and damages from lawsuits.
Major Types Of Pollution Insurance
Long-Term Pollution Insurance - Covers pollution that happens gradually over a long period of time, such as leaching out. Industries affected by long-term pollution can include gas stations, mining and factories.
Sudden & Accidental Pollution Insurance - Covers pollution happening over a brief period of time or all at once. This can refer to anything from a sudden explosion to a breakdown of holding tanks or equipment.
Contractors Pollution Liability Insurance - Contractors' pollution liability policies are designed to provide MD contractors with coverage for bodily injuries or property damage to third parties caused by the following environmental liabilities:
- Construction or remediation operations whether performed by you or subcontractor(s).
- Claims alleging improper supervision of subcontractors.
Site-Specific Liability Insurance - For property not owned by a policyholder, such as a waste disposal site, site-specific Maryland pollution insurance is available. This type of insurance can also be beneficial to companies that regularly buy and sell property as part of their business, or companies involved in a merger or acquisition.
Who Needs Pollution Insurance?
Maryland pollution insurance isn't just for radioactive waste depositories and oil industry giants. Even the most benign business poses the risk of emitting, storing or producing hazardous waste materials. Apartment complexes, airports, farms, auto service, dry cleaners, amusement parks and prisons are just some of the businesses that need MD pollution insurance coverage.
How Can Pollution Liability Insurance Protect My Business?
Standard business liability insurance often excludes loss caused by pollution, or only provides cover in limited circumstances. Pollution Insurance coverage can help fill this gap by covering:
- The costs of complying with a clean-up order by a regulator.
- On-site damage to your own property.
- Environmental clean-up of other peoples properties.
- Decontamination of your property following a fire, flood or storm.
- Damage caused by contaminated run-off or escape following an on-site fire.
- Loss or damage associated with gradual pollution events, such as groundwater contamination caused by pipeline leakage or underground storage tanks.
- Cost of collection, transport, treatment or disposal of contaminated fire water.
Is Pollution Insurance Coverage Expensive?
The cost for Maryland pollution insurance coverage will differ significantly from one business to the next. A business that uses a lot of hazardous chemicals will have higher premiums than one that uses only a few. Some factors that influence costs include:
- The type of business being insured.
- The type of chemicals and hazardous materials used.
- The disposal method of hazardous waste.
- The proximity of the business to residential neighborhoods.
MD Pollution Insurance
Pollution can cause wide ranging and long lasting damages to the water, air, soil, and people around your premises. If your business handles chemicals or any other hazardous material, you might be held accountable for expensive clean up, restoration and injury costs. For that reason, you should consider getting pollution liability insurance coverage. You will not only be alleviating costs to your company, but you will also be doing your part in protecting the environment.
Maryland Economic Data And Business Insurance Regulations
Business owners that have their sights set on Maryland should to take a number of factors into consideration before the set up shop; namely, they need to determine if the state offers favorable for business owners in general, as well as their specific industry. After all, it doesn't matter how top-notch the products and services a business offers may be, if the location isn't favorable for the industry - and businesses, in general - the operation is going to have a hard time thriving.
Below, we examine key factors that indicate whether or not Maryland is favorable for business owners. We also look at some of the must-have types of commercial insurance coverage that are required in the state.
Economic Trends For Maryland Business Owners
A state's unemployment rate is key indicator of whether or not the climate is favorable for business operations. As of May, 2019, the unemployment rate in the Old Line State was 3.8 percent; 0.2 percent higher than the national average. In October of 2019, the rate hit a record low of 3.7 percent, so in less than a year, the unemployment rate has increased by .01 percent; a marginal increase. However, there have been gains in recent years; in 2010, the rate was 7.8 percent; that's a 4.0 percent increase in less than a decade.
The best place to start a business in Maryland is in Baltimore, the state's largest city. Suburbs of the city also offer promising conditions for business owners, such as Ellicott City, Columbia, Fulton, Lutherville, and Elkridge.
The state of Maryland offers a friendly culture for business of all shapes and sizes; but, the industries that are see the most success in the Old Line State include:
- BioHealth and Life Sciences
- Advanced manufacturing
- Information technology
- Aerospace and defense
- Financial services
- Energy (specifically green energy)
- Hospitality and tourism
Commercial Insurance Regulations In MD
The Maryland Insurance Administration regulates insurance in Maryland. Commercial insurance is designed to protect business owners from potential perils; it also protects anyone that interacts with a business, including consumers, vendors, and employees. Having the right type of coverage is not only crucial to avoid serious financial devastation in the even that a catastrophe does occur, but certain types of insurance are mandated, meaning business owners must carry specific forms of coverage.
In the state of Maryland, business owners are required to carry workers' compensation insurance, which offers coverage for on-the-job accidents and illnesses that employees sustain, is also required. Other forms of insurance coverage that business owners may need to invest in depend on the specific industry; for example, companies that distribute or sell alcohol will need liquor liability insurance, and businesses that utilize vehicles for business-related operations should carry commercial auto insurance to protect their drivers and other motorists on the road.
Additional Resources For Miscellaneous & Non-Profit Insurance
Find informative articles on miscellaneous businesses including the types of commercial insurance they need, costs and other considerations.
- Adult Daycare Insurance
- Agriculture, Forestry, Fishing & Hunting
- Bail Agent
- Control of Well
- Employment / Staffing Agency
- Engraving Business
- Facility Support Services
- Mail Order
- Oil And Gas Lease
- Personal Concierge
- Photofinishing Lab
- Portable Sanitation
- Private Water Districts
- Process Server
- RV Parks & Campgrounds
- Unmanned Aerial Vehicles (UAV) Drone
- Waste Disposal Landfill
- Wedding Planner
An insurance contract is an agreement where one party obligates itself to make good the financial loss or damage sustained by a second party when a designated event occurs. The event must be fortuitous and happen by accident. The named insured must have insurable interest at the time of loss. One final point is that in order for any contract to be considered insurance, there must be a risk of loss.
Fortuitous Event - An occurrence largely beyond the control of any involved party; happening by chance; accidental; for example: fire, lightning, windstorm, explosion or flood.
Insurable Interest - In order to recover from a loss to property, the holder must have an insurable interest in the property at the time of the event or occurrence. An insurable interest is any right, title or interest in property where the holder of that right, title or interest sustains financial loss if the property is damaged or destroyed. Any lawful and substantial economic interest in the safety or preservation of the property from loss, destruction or damage also constitutes an insurable interest.
An entity does not have to be the property owner to have an insurable interest in it. Examples include, but are not limited to, mortgagees, trustees, vendors, lessees and bailees. Insurable interest for any entity must exist at the time the loss occurs.
Risk Of Loss - If property could never be destroyed, there is no risk of loss. If property must necessarily disintegrate or be destroyed, there is no risk of loss. Between these two extremes is the exposure of risk that can be insured.
Request a free Maryland Pollution insurance quote in Aberdeen, Adelphi, Annapolis, Arbutus, Arnold, Aspen Hill, Ballenger Creek, Baltimore, Bel Air North, Bel Air South, Beltsville, Bethesda, Bowie, Brooklyn Park, California, Calverton, Camp Springs, Carney, Catonsville, Chillum, Clarksburg, Clinton, Cloverly, Cockeysville, Colesville, College Park, Columbia, Crofton, Cumberland, Damascus, Dundalk, East Riverdale, Easton, Edgewood, Eldersburg, Elkridge, Elkton, Ellicott City, Essex, Fairland, Ferndale, Fort Washington, Frederick, Gaithersburg, Germantown, Glassmanor, Glen Burnie, Glenmont, Glenn Dale, Greenbelt, Hagerstown, Havre de Grace, Hillcrest Heights, Hyattsville, Ilchester, Kemp Mill, Kettering, Lake Shore, Landover, Langley Park, Laurel, Lochearn, Maryland City, Middle River, Milford Mill, Montgomery Village, North Bethesda, North Laurel, North Potomac, Odenton, Olney, Owings Mills, Oxon Hill, Parkville, Parole, Pasadena, Perry Hall, Pikesville, Potomac, Randallstown, Redland, Reisterstown, Riviera Beach, Rockville, Rosedale, Rossville, Salisbury, Seabrook, Severn, Severna Park, Silver Spring, South Laurel, Suitland, Takoma Park, Towson, Waldorf, Westminster, Wheaton, White Oak, Woodlawn and all other cities in MD - the Old Line State.
Also learn about Maryland small business insurance requirements for general liability, business property, commercial auto & workers compensation including MD business insurance costs. Call us (443) 407-0500.