With more businesses operating globally and environmental restrictions tightening, environmental-coverage gaps could leave risk managers vulnerable, Aon executives say.
Michael R. Szot, executive vice president, practice leader, Aon Risk Solutions Environmental Services Group, and Gregory Schilz, managing director, Aon Risk Solutions Environmental, told NU at the Risk and Insurance Management Society (RIMS) conference here that he is surprised by the number of organizations that are potentially exposed.
International programs are "adopting what the U.S. has had for years with Superfund," Szot tells NU. The Environmental Liability Directive (ELD), a legislative act of the European Union, creates new and significant potential liabilities for costs, damages and losses for operators and companies regulated by the ELD, Aon says.
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