Under this program, companies covered by a participating environmental insurance provider who demonstrate superior environmental management such as implementation of a sound, certified toxics use reduction plan will be eligible to receive more favorable environmental insurance policy coverage terms than companies that do not. Participating insurance providers provide qualified businesses with incentives that reflect the lower policy underwriting risk associated with strong environmental management practices. The types and level of incentives offered vary according to the specific underwriting characteristics of the respective businesses.
Insurance is a significant cost for Massachusetts manufacturers.
These businesses may gain a stronger competitive advantage when provided the opportunity to realize additional savings from toxics use reduction and waste reduction planning. The Incentive Program encourages manufacturers to make additional strides in toxic chemical use reduction. Increasing awareness within the insurance industry of the benefits of strong toxics use reduction planning may also help enhance the insurance underwriting process. The Act s main goals are to promote environmental quality and economic prosperity by reducing the quantity of toxic and hazardous wastes generated by Massachusetts industries. Chemical usage and thresholds for determining LQTU status and reporting requirements specified in Form S TURA reporting package.