According to a recent article in InsuranceJournal.com, Monsanto has more than RoundUp claims on its plate. Monsanto is now the target of lawsuits “trying to clean up toxic PCBs”, (polychlorinated biphenyls), a widely used fire-resistant chemical compound that the U.S. banned forty years ago.”
PCBs were used in electrical transformers, paints, sealants and inks until scientists linked the chemical to cancer and other illnesses. The chemical got widespread attention in the 1970s when the government learned two General Electric Co. plants had been dumping PCBs in the Hudson River for decades, turning 200 miles of the New York waterway into one of the biggest Superfund sites. St. Louis-based Monsanto made PCBs from 1935 until 1977. Bayer acquired the company last year for $63 billion.
Monsanto has reportedly spent almost $1 billion to settle past PCB claims so far, and new cases may be even more costly. While there’s no concrete estimate, these kinds of environmental cleanups can cost tens of millions of dollars and can last many years.
InsuranceJournal.com reports that, “Environmental and pollution liability is becoming a major concern for manufacturers and construction trade contractors as issues such as PCB’s, asbestos, and mold, come to the forefront of the news cycle.” Trade contractors (i.e. plumbers, roofers, and drywall contractors) also need to be concerned with contaminated water supplies and inadvertently introducing mold or asbestos into a worksite.
The best protection against these potential hazards is a comprehensive Contractors Pollution Liability (CPL) Policy. CPL insures against liability for property damage, bodily injury, and cleanup costs caused by contamination from hazardous waste materials.
Don’t let your clients assume environmental and pollution risk without adequate coverage. It is time to talk to them about Contractors Pollution Liability.