Partner for BiH
Speciality insurance lines
Environmental Liability insurance covers remediation costs and liability for damage caused by pollution or environmental incidents — from leaks of hazardous substances to long-term contamination of soil or water, including clean-up and remediation costs and third-party claims.
Surety & Warranty insurance covers the risk of non-performance of contractual obligations and warranty periods — it protects the principal or the buyer if the contractor or seller fails to fulfil their obligations within the agreed deadline or to the agreed quality. Both covers belong to speciality insurance lines that require individual risk assessment and access to the niche insurance market.
Who it is for
Companies in industries with an increased environmental risk (manufacturing, energy, construction, transport of hazardous substances), as well as firms that, as contractors or suppliers, provide contractual guarantees and warranties to their principals or customers.
Key note
Environmental damage can arise years after an incident, and remediation costs often exceed the standard limits of general liability. Similarly, failure to meet warranty obligations can jeopardise a business relationship and the firm’s reputation — which is why both risks are insured separately, outside regular policies.
Most common exposures
Pollution of soil, water or air; leaks of hazardous substances; mandatory remediation costs ordered by the competent authorities; failure to meet agreed deadlines for works or delivery; failure to fulfil warranty obligations within the agreed period.
Types of claims
Remediation and decontamination costs; third-party claims for environmental damage; compensation to the principal for non-performance of the contract; the cost of engaging a third contractor to complete the works if a warranty is not honoured.
Who can submit a claim
The insured (contractor, manufacturer or supplier), the competent authorities in the case of environmental damage, and the principal or buyer in the case of non-performance of contractual or warranty obligations.
Our approach
VIPOX analyses the nature of the client’s business and their specific exposure, then identifies insurers specialised in environmental risks or surety covers. We negotiate the terms and limits of cover according to the actual exposure, structure the policy and coordinate the claims notification and recovery process. Through the partnership with AON, we give clients in BiH access to the international speciality insurance market.
Confidentiality and discretion
Environmental incidents and non-performance of contractual obligations can have reputational consequences for the client. VIPOX ensures that all information about the risk and the course of the claim is treated with full confidentiality, both towards the insurer and towards third parties.