Certain EPA licensees are required to put a financial provision in place in order to manage environmental risks
With high-profile incidents pushing environmental issues into the spotlight, the clock is ticking for regulated licensees. The EPA can enforce this requirement via Section 55 Notices – these give the EPA the authority to shut down the licensee until such time as a satisfactory financial provision has been put in force.
Affected licensees that do not have the Financial Provision in force are likely to be non-compliant with guidelines.
Licensees that are required to have the financial provision must have it in force in order to meet the EPA’s expectations. If the EPA seeks proof from a licensee of compliance with the guidelines, it will not be sufficient to have merely started the process of putting a financial provision in place.
One of the most cost-efficient ways of effecting this is via an Environmental Impairment Liability (EIL) Insurance policy. There are a limited number of providers of this insurance in the market. O’Leary Insurances have access to all insurers currently offering this insurance in Ireland, including exclusive arrangements with certain markets. We have expertise in placing bespoke solutions for clients and in significantly reducing the cost of the insurance..
Our client, a pharmaceutical company, was required to carry EIL Insurance to cover their Environmental Liability Risk Assessment (ELRA) requirements. They also needed a bond for the Closure, Restoration and Aftercare Management Plan (CRAMP). We placed the CRAMP for three years at a reduced rate with a reputable company. The ‘standard’ approach would be to go and place either an annual policy for the ELRA or else a three year policy at a slightly reduced rate. Instead, our specialist team negotiated a first-of-its-kind policy with the EPA and their lawyers whereby we came up with a bespoke three year option for EIL which cost the insured slightly more than a one year policy should have..
We effectively saved the licensee 65% of the cost over the period
Further details can be found on our Environmental Impairment Liability Insurance Brochure - click here to open.
If you would like to know more about this type of insurance, please email us at firstname.lastname@example.org or telephone 021 4536800 and we would be more than happy to discuss your options.
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