| Limits,
Deductables and Premiums |
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Project limits can be applied to any REMEDIATION project up to $10 million per
location. This means that REMEDIATION of small petroleum storage tank releases
are eligible as well as "Brownfield’s" or industrial properties.
The policy contains an indirect deductible as a built-in incentive to the
REMEDIATION contractor.
ECI will pay for cleanup cost overruns at reduced unit cost rates rather than
the complete unit costs that are fully loaded including profit. These rates are
agreed to prior to approving the project and issuing the guarantee.
If the site owner is the insured, a standard deductible may be used as an alternative
to, or in conjunction with, the unit cost reimbursement schedule. A higher deductible,
greater than $250,000 may be used if site information is not complete. The premiums
are determined site-by-site and range from 2.5-10% of the REMEDIATION cost estimate.
Premiums may be reduced by using an insured co-pay provision, determined for
each insured.
The ECI policy SIR/insured Participation will depend upon the Named Insured and
the size of the project(s). When the Named Insured is a contractor, a minimum
$10,000 per project SIR is offered. If the project owner is the Named Insured,
a 10-20% Insured Participation will likely apply. The Insured Participation is
the percentage of the project cost overrun of the Named Insured. The SIR and
Insured Participation may both apply to larger projects and where specifically
negotiated.
The ECI policy minimum premium is $5,000.
Contact Us today to get your quote!
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