At Restorical, we are commonly asked about the viability of old insurance carriers. For the most part, Comprehensive General Liability (CGL) policies from over 100 years ago are available to make environmental claims. The insurance industry has historically experienced tremendous consolidation, or a larger insurance carrier purchasing a smaller one, this preserves the continuity of coverage to present day. The purchasing carrier will retain the selling carrier’s historic liability regarding old insurance policies. The exception to this rule is in the case of an insurance carrier going out of business. While this is not common, it does happen and will continue to happen from time to time.
Over the years Restorical Research has had a number of clients that either operated a business or owned property that has spanned several generations. These are businesses and families who have worked hard and unfortunately, due to the nature of the businesses and operations, they suspect that there may be an environmental problem. This is … Read more