{"id":2959,"date":"2018-10-10T15:28:20","date_gmt":"2018-10-10T15:28:20","guid":{"rendered":"https:\/\/perm-es.com\/environmental-insurance-has-been-mandatory-since-2018"},"modified":"2024-05-17T10:32:23","modified_gmt":"2024-05-17T10:32:23","slug":"environmental-insurance-has-been-mandatory-since-2018","status":"publish","type":"post","link":"https:\/\/perm-es.com\/en\/environmental-insurance-has-been-mandatory-since-2018","title":{"rendered":"Environmental insurance has been mandatory since 2018"},"content":{"rendered":"\r\n<p>Several important questions remain unanswered, including the timescale for <strong>environmental administrations<\/strong> to mandate existing authorised operators to set up this <strong>guarantee,<\/strong> and specifics regarding operating regulations and contributions to the Environmental Damage Compensation Fund, which the Directorate-General for Insurance will soon <strong>regulate.<\/strong>.<\/p>\r\n<p>However, our current focus is on the undue emphasis placed on the financial guarantee obligation, the most debated aspect since the environmental liability act was introduced in Spain eleven years ago <span style=\"color: #00aeef;\">(it should be noted that insurance is only one of the three options available for operators to comply with this obligation, yet it is by far the most appealing from a financial and risk management perspective). <\/span><\/p>\r\n<p>For this reflection, we will use three instances of environmental damage from recent years as indicators of potential future incidents:<\/p>\r\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-large wp-image-1844\" src=\"https:\/\/perm-es.com\/wp-content\/uploads\/2024\/03\/img-001-seguro-medioambiental-obligatorio-perm-es-1024x241.jpg\" alt=\"\" width=\"1024\" height=\"241\" srcset=\"https:\/\/perm-es.com\/wp-content\/uploads\/2024\/03\/img-001-seguro-medioambiental-obligatorio-perm-es-1024x241.jpg 1024w, https:\/\/perm-es.com\/wp-content\/uploads\/2024\/03\/img-001-seguro-medioambiental-obligatorio-perm-es-980x231.jpg 980w, https:\/\/perm-es.com\/wp-content\/uploads\/2024\/03\/img-001-seguro-medioambiental-obligatorio-perm-es-480x113.jpg 480w\" sizes=\"(min-width: 0px) and (max-width: 480px) 480px, (min-width: 481px) and (max-width: 980px) 980px, (min-width: 981px) 1024px, 100vw\" \/><\/p>\r\n<ul>\r\n<li><strong>A contractor<\/strong> is awarded a tender to clean up a forest area following a fire. After completing the work, he\/she r<strong>eceives a formal complaint<\/strong> for inadvertently destroying a significant number of protected flowers.<\/li>\r\n<li><strong>A service station<\/strong> in a built-up area is <strong>liable for contaminating the subsoil <\/strong>and groundwater due to a leak in one of its pipes, with the cost of the decontamination work escalating throughout its execution due to added difficulties, some of them unforeseen, that come with working in a built-up area.<\/li>\r\n<\/ul>\r\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-large wp-image-1845\" src=\"https:\/\/perm-es.com\/wp-content\/uploads\/2024\/03\/img-002-seguro-medioambiental-obligatorio-perm-es-1024x241.jpg\" alt=\"\" width=\"1024\" height=\"241\" srcset=\"https:\/\/perm-es.com\/wp-content\/uploads\/2024\/03\/img-002-seguro-medioambiental-obligatorio-perm-es-1024x241.jpg 1024w, https:\/\/perm-es.com\/wp-content\/uploads\/2024\/03\/img-002-seguro-medioambiental-obligatorio-perm-es-980x231.jpg 980w, https:\/\/perm-es.com\/wp-content\/uploads\/2024\/03\/img-002-seguro-medioambiental-obligatorio-perm-es-480x113.jpg 480w\" sizes=\"(min-width: 0px) and (max-width: 480px) 480px, (min-width: 481px) and (max-width: 980px) 980px, (min-width: 981px) 1024px, 100vw\" \/><\/p>\r\n<ul>\r\n<li><strong>Fire in a small agrochemical warehouse<\/strong>, causing contamination in a nearby river.<\/li>\r\n<\/ul>\r\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-large wp-image-1846\" src=\"https:\/\/perm-es.com\/wp-content\/uploads\/2024\/03\/img-003-seguro-medioambiental-obligatorio-perm-es-1024x241.jpg\" alt=\"\" width=\"1024\" height=\"241\" srcset=\"https:\/\/perm-es.com\/wp-content\/uploads\/2024\/03\/img-003-seguro-medioambiental-obligatorio-perm-es-1024x241.jpg 1024w, https:\/\/perm-es.com\/wp-content\/uploads\/2024\/03\/img-003-seguro-medioambiental-obligatorio-perm-es-980x231.jpg 980w, https:\/\/perm-es.com\/wp-content\/uploads\/2024\/03\/img-003-seguro-medioambiental-obligatorio-perm-es-480x113.jpg 480w\" sizes=\"(min-width: 0px) and (max-width: 480px) 480px, (min-width: 481px) and (max-width: 980px) 980px, (min-width: 981px) 1024px, 100vw\" \/><\/p>\r\n<p>These <strong> three cases<\/strong>, none of which are uncommon, have two <strong>common features<\/strong>:<\/p>\r\n<ol>\r\n<li><span style=\"color: #00aeef;\"><strong>None of the three operators<\/strong><\/span> will be subject to the financial guarantee obligation in the foreseeable future.<\/li>\r\n<li><span style=\"color: #00aeef;\"><strong>All three<\/strong><\/span> will have to face costs and management difficulties they are not ready to assume.<\/li>\r\n<\/ol>\r\n<p>Advisers guiding their clients on insurance programmes may find it useful to bear this in mind.<\/p>\r\n","protected":false},"excerpt":{"rendered":"<p>The requirement to provide a financial environmental liability guarantee took effect on 30th October for a select few economic activities, and will become mandatory from 2019 for a broader range of priority 2 activities, with a date for priority 3 activities yet to be determined.<\/p>\n","protected":false},"author":1,"featured_media":2620,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[24],"tags":[28,25],"class_list":["post-2959","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-publications","tag-insurances","tag-latest"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Environmental insurance has been mandatory 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