Environmental

Fire Destroys Jim Beam Warehouse, Bourbon Plume Pollutes Rivers

On July 2, lightning struck and ignited a fire at two Jim Beam distillery warehouses in Versailles, Kentucky. The fire, fueled by the 45,000 barrels—over 2 million gallons—of bourbon, burned for several days and reduced one warehouse and its contents to rubble. Bourbon from barrels destroyed in the fire flowed from the site into nearby…

Hurricane Barry Serves as Flood Wake-up Call for Businesses, Homeowners

Barry touched down on the Louisiana coast as a Category 1 hurricane on July 13, shutting down businesses, tearing roofs from homes, flooding streets and halting oil production across the Gulf of Mexico. Even as the country’s first hurricane of the year diminished in power and was downgraded to a tropical storm, it continued to…

Highway a Sweet Mess after 40,000 Pounds of Liquid Chocolate Spills from Tanker

Though the resulting aroma was sweet, the rollover accident that caused a tanker truck to spill 40,000 pounds of hot, liquid chocolate on an Arizona freeway was anything but. There were no injuries or other vehicles involved in the accident, but the insurance impact is likely significant. The accident appeared to have been caused by…

oil spill in river

Oil Spill from Iowa Train Derailment Shows Need for Environmental Insurance

A recent train derailment spilled an estimated 230,000 gallons of crude oil into floodwaters of the Little Rock River in northwest Iowa. Reports indicate that the tracks may have collapsed due to saturation from flooding caused by heavy rains. Railroad network operator BNSF Railway has taken responsibility for the cleanup and mitigation of the incident,…

Great Lakes Oil Spill Shows Need for Environmental and P&I Coverage

The U.S. Coast Guard and other authorities have completed one phase of an investigation into severed underwater cables that leaked about 600 gallons of mineral oil insulation fluid in the Straits of Mackinac. Officials suspect a boat anchor strike on April 1 damaged the cables and dented oil pipelines in the waterway that connects Lake…

A Proactive Approach to Contractors Pollution Liability Insurance

Contractors Pollution Liability Insurance comprises approximately 20-25 percent of environmental insurance purchased worldwide1. However, market penetration of those who need environmental insurance is only around 10 percent2, leaving 90 percent uninsured. Gina Jones, Vice President and Director, Environmental Programs, Burns & Wilcox, discusses the low level of penetration, saying “More than a billion dollars in…

A Deeper Understanding of Environmental Storage Tanks

Insurance Market Source regularly taps into its network of experts for insight into key trends across the insurance landscape. Kim McGinty, Underwriting Manager, Environmental Center of Excellence, Burns & Wilcox, shares her thoughts on the intricacies and benefits of Environmental Storage Tank Liability insurance.   Q: What does Storage Tank Liability insurance cover? A: Storage Tank…

Why All Businesses Need Environmental Site Pollution Liability Insurance

For years, the world-renowned Ivy League school, Dartmouth College, disposed of science experiments on a farm site located on their property, which included animal carcasses and the remains of human cadavers. Nearly 30 years later, the College was tasked with cleaning up 40 tons of waste on the toxic farm site, finding hazardous and radioactive…

Navigating Oil and Gas Insurance Policies for Service Providers and Contractors

The oil and natural gas industry represents 65 percent of energy consumption, supporting 9.8 million jobs.1 While the employment stats are staggering, not all of those employees physically work with oil and gas. “In looking at potential clients in the oil and gas sector, service companies that support the industry giants are the place for…

Don’t Think Your Clients Have an Environmental Exposure? Think Again

Did you know that approximately 90 percent of all environmental losses are uninsured? That results in about $1 billion in losses across the industry. “The most common misconception is that a majority of contractors don’t think they need environmental coverage,” said Gina Jones, Associate Vice President, Environmental Programs, Burns & Wilcox. “Absence of loss does…