The West Virginia Chemical Spill: Lessons in Risk Management
Companies that handle hazardous chemicals and those in their vicinity need to manage the risks associated with chemical spills.
The ramifications following a chemical spill such as what occurred in West Virginia can be far reaching. The incident raises important questions for all kinds of organizations — not just chemical manufacturers, but also public entities, hotels, restaurants, and hospitals.
The chemical spill of nearly 10,000 gallons of methylcyclohexane methanol (MCHM) in West Virginia on January 9, 2014, illustrates the far-reaching effects such incidents can have on entire business communities. In "The West Virginia Chemical Spill: Lessons in Risk Management," we outline several critical insurance considerations that companies handling hazardous chemicals must consider to manage the risks associated with manufacturing, storing, or marketing chemical products.
The report also notes that businesses that do not handle hazardous chemicals but are near those that do may need to consider pollution insurance in case there is an incident and the polluter cannot indemnify and make whole neighboring businesses. And it includes lists of questions for chemical and non-chemical companies alike to consider to help ensure they are managing the risks associated with chemical spills.
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