Ethics awareness

MALVERN, Pa.-Life and property/casualty insurers, trade groups and professional associations once again will commemorate March as Ethics Awareness Month.

Ethics Awareness Month is designed to promote awareness of ethics issues affecting the insurance industry as a whole. Participants from 270 insurance companies, professional societies and associations in the insurance and financial service industry are expected to be involved in the educational effort.

Many insurers have planned activities such as reaffirming their commitment to a code of ethics and publishing ethics-related articles in employee publications and training guides for Ethics Awareness Month.

The American Institute for CPCU, the CPCU Society, The American College and the American Society of CLU & ChFC are sponsoring the event. Many CPCU and CLU/ChFC chapters will host ethics programs with speakers and panel discussions.

For more information on the program, contact Karen Burger, 720 Providence Road, Malvern, Pa. 19355-0716; 610-644-2100, ext. 7805; fax: 610-644-7629; e-mail: burgerk@cpcuiia.org.

Environmental cover

Almost 70% of contractors do not have environmental liability insurance coverage, according to a recent survey by an environmental insurance services provider.

The survey also showed almost 40% of contractors do not know their general liability policies contain pollution exclusions.

Of about 60% of contractors who are aware of the exclusion, only 31% buy pollution policies, according to the survey commissioned by Exton, Pa.-based ECS Underwriting, which provides environmental insurance services.

The most common reason contractors gave for not carrying pollution insurance was their belief that the construction work they performed had no environmental exposures, said Mark Elgin, a senior underwriter at ECS. Cost and a lack of understanding and availability of coverages also were cited.

Mr. Elgin talked about the findings at a recent Construction Financial Management Assn. meeting.

The survey, conducted in October 1996, asked about 250 contractors about their awareness and use of pollution insurance, ECS said.

For more information, contact Christine Weirsky, 609-895-0200, ext. 414.