Environmental Consultants Insurance
The UK is one of the leading providers of environmental consultancy services around the world. This sector includes services to provide assessment and advice relating to environmental issues. Examples include environmental audits, environmental management systems and training, life cycle assessment, environmental impact assessment, advice on bio-diversity, environmental regulations, assessment and remediation/reclamation of land and buildings, sampling and laboratory testing, climate change modelling and corporate environmental responsibility.
The opportunities
- Environmental Consultancy market has an estimated turnover value of over £1bn and is forecasted to grow to £2bn by 2015
- There are over 1,500 specialist environmental consultancies in the UK employing more than 15,000 people. However, a significant majority of consultancies are engaged in the environmental sector but either do not realise this or prefer to remain diversified
Key covers available
Below is a list of some of the key covers to consider for your customers in this sector.
- All Risks Cover – cover to protect from theft, loss or damage to specialist equipment used in monitoring and surveying away from premises
- Computer – cover for specialist computer equipment including laptops and portable media used off site. Reinstatement of Data cover should also be considered to protect from any loss of valuable data not easily replaceable
- Professional Indemnity – perhaps the most critical cover for any consultant. The negligent giving of wrong advice can lead to financial loss for the client and, in turn, a claim. There have already been claims of this nature and damages in £millions. Whilst some work may be of low risk, for example energy minimisation or minimising waste generation, some activities may carry considerably higher risk, especially for those undertaking soil investigations or working on land remediation
- Contract Works – cover for any third party suppliers employed contracted by the consultants to provide specific services e.g. drilling of test holes, excavation, installation of equipment
- Business Interruption – cover for periods of operational downtime as a result of an Insured peril e.g. fire or storm damage, machinery breakdown and equipment failure
- Property Damage – all risks cover to protect from any loss arising out of fire, hail or storm damage which is normally excluded
- Employers’ Liability – provides cover for accidents likely to arise from hazards such as lone working, hazardous sites, extreme weather conditions and use of specialist equipment. Whilst the cover is a legal requirement the risks can vary considerably
- Public Liability – provides cover for any damage caused to third party property whilst on different sites
- Directors and Officers Cover – a very useful cover for this sector due to the use of new and emerging technologies, processes and equipment. Helps protect company directors and officers if accused of any ‘wrongful acts’