Pollution Exclusion
Liability insurance exception for pollution coverage that is not both sudden and accidental from the insured's standpoint. As a result of the damage suits from such incidents as the chemical pollution at Love Canal, insurance companies began to modify pollution coverage in their liability policies in the 1970s. First, companies changed coverage to apply only if pollution was "sudden and accidental," rather than "gradual." But some courts ruled that "sudden and accidental" could encompass several years of pollution problems. Consequently, the insurance services office (ISO) introduced a new comprehensive general liability insurance (CGL) policy in 1985 (replaced today by the commercial general liability form) that excluded coverage for nearly all types of pollution damage, leaving only limited liability coverage for pollution originating away from an insured's premises.
Popular Insurance Terms
Those claims that arise when two or more property and casualty insurance companies have coverage on a loss. Which company then owes which portion of the claim must be determined. ...
Negligent acts and/or omissions, other than breach of contract, normally independent of moral obligations for which a remedy can be provided in a court of law. For example, a person injured ...
Bonds that are less than investment grade plus the bonds that are in or approaching default, which comprise part of the insurance company's investment bond portfolio. ...
For a variable annuity, the period of time from the close of business on the first business day to the close of business on the second business day. ...
Exposures where action has been taken to reduce the frequency and severity of loss, such as adding sprinkler systems in public buildings. These actions may result in a significant reduction ...
An amount usually expressed as 50% of the monthly indemnity for the total disability benefit provided by a disability income insurance policy. This amount becomes payable when the insured ...
Coverage against all liability exposures of a business unless specifically excluded. Coverage includes products, completed operations, premises and operations, elevators, and independent ...
Coverage of a common carrier for liability on trucks that have delivered their cargo and are on the way back to the terminal. The company that hires the truck assumes liability while the ...
State plans that provide health insurance coverage for those who are unable to purchase medical insurance. Coverage is provided by a specially formed nonprofit-making pool comprised of all ...
Have a question or comment?
We're here to help.