Energy

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New permitted facility

A facility appears in ECHO under an air, water or RCRA permit with no prior permit history.

Details
Standard cover
Usually excluded
Needs
EPA ECHO
Exposure
Pollution is excluded on general liability almost everywhere. A permit is a regulator agreeing the facility emits something.
Window
Permits issue before operations start
Misfires
A permit transfer on an acquired site looks identical to a new build.

Enforcement action opens

ECHO shows a formal enforcement action or a significant violation.

Details
Standard cover
Probable gap
Needs
EPA ECHO
Exposure
Fines are uninsurable, but the remediation behind them is what tests whether pollution cover exists at all.
Window
Posts weeks after the inspection
Misfires
Violations get resolved administratively. Read the current status.

First well in a new district

A drilling permit is issued in an RRC district the operator has no prior wells in.

Details
Standard cover
Probable gap
Needs
Texas RRC Operator Records
Exposure
Well control and operators extra expense are sized to a known formation. A new district is new pressure, new depth, and often a new contractor.
Window
Permit precedes spud by weeks
Misfires
A permit is not a spud. Many are filed to hold acreage and never drilled.

First battery storage project

A storage project appears in the interconnection queue for an operator with only generation before it.

Details
Standard cover
Usually excluded
Needs
ERCOT Interconnection Queue
Exposure
Lithium storage fires are the exposure property carriers sub-limit or decline outright, and the sub-limit is usually already in the policy.
Window
Queue entry runs years ahead of energisation
Misfires
Queue position is not a built project. Most of the queue never gets built.

First Form D

A Form D is filed for a company with no prior filing.

Details
Standard cover
Probable gap
Needs
SEC EDGAR Form D
Exposure
Outside money means outside directors, and the investor's own counsel usually makes D&O a closing condition rather than a later purchase.
Window
Due within 15 days of first sale, so the round is already closed
Misfires
Priced rounds that skip Reg D never file one, so absence proves nothing.