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Project limits can be applied to any REMEDIATION
project up to $10 million per location. This means
that REMEDIATION of small petroleum storage tank
releases are eligible as well as "Brownfield’s" or
industrial properties. The policy contains an indirect
deductible as a built-in incentive to the REMEDIATION
contractor.
ECI will pay for cleanup cost overruns at reduced unit cost rates rather than
the complete unit costs that are fully loaded including profit. These rates are
agreed to prior to approving the project and issuing the guarantee.
If the site owner is the insured, a standard deductible may be used as an alternative
to, or in conjunction with, the unit cost reimbursement schedule. A higher deductible,
greater than $250,000 may be used if site information is not complete. The premiums
are determined site-by-site and range from 2.5-10% of the REMEDIATION cost estimate.
Premiums may be reduced by using an insured co-pay provision, determined for
each insured. |
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The
ECI policy SIR/insured Participation will depend
upon the Named Insured and the size of the project(s).
When the Named Insured is a contractor, a minimum
$10,000 per project SIR is offered.
If the project
owner is the Named Insured, a 10-20% Insured Participation
will likely apply. The Insured Participation is the
percentage of the project cost overrun of the Named
Insured. The SIR and Insured Participation may both
apply to larger projects and where specifically negotiated.
The ECI policy minimum premium is $5,000. |
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Lomax Solutions, LLC.
P.O. Box 307 Blue River, Oregon 97413
Phone: 714-955-1560 |
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