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Hazardous-waste insurance

September 9, 1981

Companies dealing in hazardous wastes are taking a new look at their present insurance coverage. A little-known requirement set forth in Environmental Protection Agency regulations and in Securities and Exchange Commission disclosure rules means that by April 1982 companies with annual sales of $10 million or more in hazardous wastes -- at any segment of the handling chain -- will be required to be covered for "nonsudden" pollution incidents.

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Although the Department of Transportation already requires liability insurance for transportation of hazardous wastes, this "gradual impairment" type of insurance for manufacturers and handlers as a new concept is expected to originate numerous new-type insurance policies.