More than a dozen tanker cars carrying crude oil derailed along the James River near downtown Lynchburg last year. Three of those cars ruptured and their contents caught on fire, posing problems for CSX, businesses nearby and people downstream.
your smallest manufacturers,” says Nathan Kerr, vice president and head of the Roanoke office of Scott Insurance. Pollution liability coverage is just one of several types of coverage that businesses often overlook when they are lining up their commercial insurance program. Others include foreign insurance coverage, crime coverage and cyber liability.
“Any business in the valley that is selling goods overseas and has employees going overseas needs to look into foreign insurance coverage,” says Kerr, noting the coverage can include workers’ comp, auto and commercial general liability. A separate kidnap and ransom policy can be added as well. “The majority of commercial general liability policies are worldwide coverage but only if a lawsuit is brought in
the U.S. If you sell your product overseas, and you are sued overseas, that is where you have a gap.” Foreign commercial auto liability coverage is dependent on the country where you will be traveling. That country may not recognize a policy purchased in the U.S. “If you drive your car in Mexico, for example, you will have to take out a Mexican policy,” says Roy Bucher, chairman, president and treaROANOKE BUSINESS
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