Mass. Gen. Laws ch. 175G, § 1 - Definitions
|Cite as:||Mass. Gen. Laws ch. 175G, § 1|
|Currency:||Current through Chapter 58 of the 2020 Legislative Session|
As used in this chapter, the following words, unless the context otherwise requires, shall have the following meanings:
"Cede", to contractually transfer, pursuant to the provisions of this chapter, all or part of the financial responsibility for pollution liability claims from an entity providing insurance or reinsurance to another reinsuring entity.
"Ceding entity" or "entity obtaining reinsurance", an entity issuing pollution liability insurance policies for which the Pollution Liability Reinsurance Corporation established herein provides reinsurance. Such entity shall be a reciprocal insurance exchange as licensed under sections ninety-four A to ninety-four M, inclusive, of chapter one hundred and seventy-five.
"Commissioner", the commissioner of insurance.
"Corporation" or "Reinsurance Corporation", the Pollution Liability Reinsurance Corporation established herein.
"Pollution liability", liability for any claim made against an insured which arises out of, relates to, or is based upon the dispersal, discharge, escape, or release of smoke, vapors, soot, fumes, acids, alkalis, toxic chemicals, liquids, gases, wastes including materials to be recycled, reconditioned or reclaimed, or any other material, irritant, contaminant or pollutant in or into the atmosphere or on, onto, upon, in or into surface or subsurface: (i) soil or land, (ii) water, waterway or watercourse, (iii) objects, (iv) tangible or intangible matter.
"Pollution liability insurance policies acceptable for reinsurance under this chapter", those policies of pollution liability insurance providing coverage for bodily injury and property damage to third parties caused by either unintended and unanticipated releases or by releases whose consequences were unintended and unanticipated, but shall not include first party clean-up costs, or the clean-up of any waste facility whether owned or operated by the insured or by a third party, even if ordered by a governmental agency, except as part of property damage liability to a third party; provided, however, that policies accepted for reinsurance by the Corporation shall contain a prevention of loss provision substantially equivalent to the following:
In the event the insured becomes aware of incidents or conditions which may result in a claim covered by this policy, it shall undertake such operations as are necessary to alleviate such incidents or conditions and shall notify the insurer within forty-eight hours of commencing such operations. If the insured fails to undertake such operations, this policy shall not afford coverage for such claim. The insurer shall have no liability for or duty to reimburse the insured for the costs of such operations undertaken to prevent a claim covered by this policy.
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