Remediation cost cap policy

{
  "id": "MLC-T-INS-002877",
  "term": "Remediation cost cap policy",
  "field": "Insurance and risk management",
  "definition": "An environmental insurance policy designed to protect against cost overruns during the cleanup of contaminated sites. It provides coverage for remediation expenses that exceed a predetermined self-insured retention or guaranteed maximum price set by a contractor. This policy typically covers unforeseen conditions or regulatory changes that increase the cost of an approved remediation plan.",
  "url": "https://mlchart.com/terminology/insurance/remediation-cost-cap-policy/"
}