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UK Environmental Damages Fines - The Tip of the Iceberg

In a recent report, the UK International Underwriting Association (IUA) provided several useful illustrations of the potential environmental exposures facing all kinds of businesses.

These scenarios have one thing in common. They highlight the fact that criminal fines are really just the tip of the iceberg when it comes to the costs associated with an environmental incident.

Businesses are worried about environmental fines for a variety of reasons: 

A fine is proof that somehow pollution prevention and protection systems, which may have taken years to build, have failed. 

It is embarrassing from a reputation point of view. 

It is an unanticipated cost that directly affects the business’ bottom line. 

But any analysis that purely focuses on the financial consequences of a regulatory penalty risks missing the overall impact. 

Over the past decade, environmental regulations have been strengthened in several jurisdictions around the world. China is just one in a long line of countries that has recently strengthened its environmental enforcement framework. 

For the most part these rules follow the “polluter pays” principle.

For the full article use the link below... ...

Insurance Journal