Uncertainty About Asbestos Could Impact Your Insurance Premium
Asbestos accounts for nearly 80% of the property & casualty industry’s accident & emergency liabilities.
According to AM Best, a global credit rating agency and information provider exclusively focused on the insurance industry, evolving
lawsuits and other uncertainties are a major factor for the property & casualty insurance market. A recent Best Market Segment report (Asbestos and Environmental Payouts Continue to Outpace Incurred Losses), estimates net asbestos losses for the property & casualty insurance industry at $100 billion, noting an average of $1.7 billion in losses annually over the last five years.
How can you know for sure if your business is at risk? Here's what you need to know:
Asbestos that is in good condition can be left alone if it will remain undisturbed. An Operations and Maintenance (O&M) Program should be put into place to assure the asbestos remains in good condition.
The greatest potential for exposure to asbestos fibers occurs when asbestos containing building materials (ACBM) are disturbed during building renovations or demolition.
Federal regulations require that a thorough inspection be conducted BEFORE demolition or renovation begins, regardless of the age of the building.
The inspection must be conducted by a person accredited by EPA in the identification of ACBMs.
KEM can help you avoid surprises when it comes to asbestos. The key to mitigating your liability exposure is knowing for sure where asbestos exists in your building and having a plan in place to reduce the risk of disturbing it. Contact KEM for an initial consultation.