IMPEL
A Practical Guidance on Financial Provision for Environmental Liabilities
Cross-cutting tools & Approaches
Environmental Damage & Liability
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5.1.6. ENVIRONMENTAL IMPAIRMENT LIABILITY INSURANCE

  • Seek confirmation that the policy remains in place.
  • The regulator should ensure that the operator provides evidence of payment of premiums annually.
  • At least a specified period (e.g. three months) prior to expiry of the policy, require that the operator notify the regulator of their intent to replace the policy on the same terms of the existing policy.
  • At least a specified period (e.g. 30 days) prior to the expiry of the policy, require that the operator provide evidence to the regulator that the policy has been so replaced.
  • If the above information is not presented to the regulator’s satisfaction, the operator should be required to put in place a replacement financial provision that is acceptable to the regulator immediately.
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