Business Services Industry
Mergers can bring new environmental liabilities: concern about acquired risks sparks EIL buys. (corporations decide to buy environmental insurance due to trend for mergers and acquisitions)
Business Insurance, May, 1998 by Milligan, Amanda
An increase in mergers and acquisitions has spurred risk managers to find effective ways to manage environmental liabilities. Some corporations are opting to purchase environmental insurance in today's more "robust" insurance market, along with more closely evaluating property they might acquire, becoming more aware of liabilities and using insurance to clean up brownfield sites.
David Bennink, assistant vp of the risk management group for Exton, Pa.-based ECS Underwriting Inc., said risk managers are confident about their own sites but are very uncomfortable with the possibility of latent exposures. "The area most risk managers are concerned with are the liabilities they inherit. . .either knowingly or unknowingly, through mergers and acquisitions," Mr. Bennink...
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