Tag: old policies

Good Housekeeping Includes Good Record Keeping

Posted on by shenshaw

Written by Steve Henshaw, President and CEO of EnviroForensics and PolicyFind
As seen in the December 2009 issue of Western Cleaner & Launderer

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You can tell a lot about a drycleaner’s operation by the way that he conducts housekeeping. That is to say that if a drycleaner keeps a clean store, he probably handles chemicals in a manner that minimizes environmental releases. However, good housekeeping alone may not keep you out of hot water with the regulatory agencies.

There are some simple, effective and inexpensive ways to protect your business and your assets from liability by keeping good records. If you’ve ever watched one of the procedural crime dramas, the plot usually turns around “the evidence.” Creating, organizing and maintaining records can be the evidence that keeps you out of trouble. Hazardous waste manifests, perc purchase/disposal records, transporter license numbers and treatment facility identification numbers are all examples of things you should (or, in some cases, must) keep records of. However, those records aren’t just in case of a major problem. They can help you identify a minor problem before it gets serious. Continue reading “Good Housekeeping Includes Good Record Keeping”

Using Old Insurance to Cover Investigation and Clean-Up Costs

Posted on by shenshaw

Written by Steve Henshaw, P.G., President & CEO, EnviroForensics
As seen in the September 2009 issue of Cleaner & Launderer

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I heard from some readers that my last few articles were a little too technical and in addressing those comments, I’ve decided to go back to basics. That is to say, what are basic concerns that dry cleaners have? Since this is the Environmental Corner and staying with that topic, it is my experience that one of those basic concerns that dry cleaners might have deals with the questions,“How am I going to pay for an environmental investigation and clean-up?” Old insurance policies may be an answer.

For years I’ve espoused that business owners need to find their old comprehensive general liability (CGL) policies and store them in a safe, dry and fireproof place. CGL policies were purchased by business owners to cover them against all liability exposures of a business unless specifically excluded. Coverage includes products, completed operations, premises and operations, elevators, independent contractors, to name a few. Note the key words, “unless specifically excluded.” These words are very important in determining whether an individual or businesses old insurance policies can be used to pay for environmental investigations and clean-ups.

Continue reading “Using Old Insurance to Cover Investigation and Clean-Up Costs”

Locate And Keep Old Insurance Policies Safe to Protect Assets

Posted on by shenshaw

Written By Steve Henshaw, P.G., President and CEO of EnviroForensics and PolicyFind
Drycleaners News June 2009 Issue

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How many drycleaners do you know who own their business and building? Some drycleaners may have thought they had an asset, only to find out that the building is contaminated and cleaning it up will cost a lot of money.

Many drycleaners have always followed the law and managed a clean and respectable business, but they later find out that the rules they had followed for years have become more stringent. Other drycleaners would like to eventually pass the business on to their children but are afraid of handing them an environmental liability. Continue reading “Locate And Keep Old Insurance Policies Safe to Protect Assets”

Insurance Archaeology – What is it and Why is it Beneficial?

Posted on by Jeff Carnahan

Published in Fabricare The Magazine of Drycleaning & Laundry Institute Sep/Oct 2008

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Insurance archeology is the process of location and finding historical insurance policies that covered individuals and businesses. Historical insurance can be a huge benefit to drycleaners, as old policies can be used to pay for costs associated with soil and groundwater contamination investigations, legal representation, and even the cleanup of contaminated sits. Continue reading “Insurance Archaeology – What is it and Why is it Beneficial?”

Finding Gold In Discarded Policies

Posted on by Jeff Carnahan

By Neela Eyunni
As Published in Law Week Colorado, Sept. 1, 2008, Vol. 6, No. 35

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DENVER—Archeologist David O’Neill meticulously sifts trough historical artifacts in an attempt to reconstruct the past, O’Neill, however, isn’t searching for fossils or prehistoric creatures. Instead, he’s looking for old insurance policies.

O’Neill is the director of Policy Find, an insurance “archeology” firm that recovers lost insurance policies to provide indemnity for clients struggling with long-term claims, various state courts have evolved to revive general and product liability insurance policies that were once considered expired, said O’Neill.
“These lost or discarded policies have he potential to fund costly environmental investigations or pay product liability defense costs, often saving corporate and small business policyholders from economic ruin,” he said. Continue reading “Finding Gold In Discarded Policies”