New company offers environmental liability inspections and $2 million insurance policies.New company offers environmental liability inspections and $2 million insurance policies Charging that traditional insurance policies have sought to distance themselves from environmental risks, a new insurance company will now offer environmental liability inspections and insurance. "People are basically going bare," said Craig DeRoy, executive vice president and chief operating officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. of First Environmental Review Insurance Co. of Long Beach. DeRoy said that the firm, which opened its doors two weeks ago, brings together technical and legal experts from the environmental field with business management to perform an environmental hazard 'Environmental hazard' is a generic term for any situation or state of events which poses a threat to the surrounding environment. This term incorporates topics like pollution and Natural Hazards such as storms and earthquakes. assessment of any type of real estate. The company will then offer two-year insurance policies of up to $2 million in coverage for environmental hazards - as defined by state and federal law - which predate the assessment. DeRoy said potential clients of the firm include those involved in property purchases, sales transfers and foreclosures, construction financing, commercial loans and the acquisition, sale or transfer of a business with real estate assets. The Canadian-owned company is a subsidiary of Vancouver-based First City Financial Corp. Ltd., a $6-billion-assets diversified diversified (di·verˑ·s holding and investment company. DeRoy said that he and several other First City employees became intrigued with the idea of starting an environmental insurance company from their experience two years ago on a company team charged with evaluating environmental liabilities that First City faced in its business operations Business operations are those activities involved in the running of a business for the purpose of producing value for the stakeholders. Compare business processes. The outcome of business operations is the harvesting of value from assets . DeRoy, 38, is a native of Los Angeles Los Angeles (lôs ăn`jələs, lŏs, ăn`jəlēz'), city (1990 pop. 3,485,398), seat of Los Angeles co., S Calif.; inc. 1850. who formerly worked as a senior associate at Hochman, Salkin & DeRoy, the Beverly Hills-based tax law firm at which his father is a partner, and as a prosecutor prosecutor Government attorney who presents the state's case against the defendant in a criminal prosecution. In some countries (France, Japan), public prosecution is carried out by a single office. In the U.S., states and counties have their own prosecutors. with the Los Angeles office of the U.S. Attorney's CERTIFICATE, ATTORNEY'S, Practice, English law. By statute 37 Geo. III., c. 90, s. 26, 28, attorneys are required to deliver to the commissioners of stamp duties, a paper or note in writing, containing the name and usual place of residence of such person, and thereupon, on paying certain Office. PHOTO : DeRoy: `People are basically going bare' |
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