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to 300,000 euros in costs: soil decontamination requires a special policy

News
11 February 2022

 

Soil contamination occurs faster than you think. Your company does not even have to work with chemicals or other pollutants to be at increased risk. Preventing soil decontamination is certainly better than paying for it, because the costs associated with decontamination are sky-high. An additional, but equally important step in order to prevent the increasingly stringent environmental regulations in Flanders from harming your company, is to take out an environmental insurance.  

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Soil decontamination costs up to 300,000 euros

It is inevitable that sooner or later you will have to have a soil survey carried out if your company works with environmentally contaminating products (chemicals, lubricating oil, diesel, degreasers, etc.) or if you have storage tanks for petrol or fuel oil. A soil investigation is in any case mandatory if you transfer or stop your business or if you carry out excavations. In addition, a spontaneous inspection by the government cannot be ruled out. If soil decontamination turns out to be necessary, the price tag will soon be between 60,000 and 300,000 euros.

 

Insuring soil contamination

Did you know that your fire insurance rarely or never fully covers environmental damage? This insurance also does not, or only minimally, cover soil decontamination. Civil liability insurance for companies usually does cover soil decontamination, but only if it concerns accidental pollution (a sudden event after all regulatory precautions have been taken) and at the sites of third parties. In other words, gradual pollution and soil contamination on your own property are not covered.

 

Environmental insurance is a must for many companies

Environmental insurance is the only way to adequately insure your company's environmental risks. Such insurance is not compulsory, but for many companies in Flanders it is a must. Environmental risks are not solely limited to soil contamination. Your risk of causing damage to biodiversity is also more real than you might suspect, for example if you discharge too much hot water into a river due to a technical defect.

 

Take out environmental insurance quickly

Through ADD, you can cover yourself against accidental environmental damage and (optionally) gradual environmental damage. Want to know more about our environmental insurance? Feel free to contact our insurance architects for a quote that takes into account your specific environmental risks and budget.

 

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