"Lender Environmental Insurance" is a American Lawyer Media form. The following model form has been provided by permission of Zurich-American Insurance Group and Steadfast Insurance Company for lender environmental insurance.
Louisiana Lender Environmental Insurance
State:
Multi-State
Control #:
US-LEI897
Format:
Word;
PDF;
Rich Text
Instant download
Description
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FAQ
A major concern in the market is a great number of insureds mistakenly believe they are covered for pollution releases under their general liability and property policies. However, these policies either restrict or exclude such coverage, leaving their policyholders exposed to potentially costly risks.
Environmental impairment liability (EIL) insurance is a specialized insurance policy that covers liability and sometimes cleanup costs associated with pollution.
Environmental liability insurance, also known as pollution insurance, provides businesses with liability coverage for environmental risks from pollution exposures, as well as any pollution legal liability and cleanup costs they might face.
Here are the common environmental liabilities: #1 Compliance obligations. Compliance obligations are the regulations that guide the manufacture, use, and disposal of chemicals and other harmful substances in the environment. ... #2 Remediation obligations. ... #3 Fines and penalties. ... #4 Compensation obligations. ... #5 Punitive damages.
Site Specific Environmental Impairment Liability (EIL) Policies: Provides third party liability coverage for bodily injury, property damage, clean up and defense costs for pollution escaping beyond the borders of a specified site.
Environmental insurance, more formally referred to as environmental impairment liability (EIL) insurance, can provide cover for these types of liabilities. Any organisation that could cause pollution or otherwise incur responsibility for pollution liabilities should consider the value of environmental insurance.
An environmental insurance underwriter closely works with a broker, agent, or insured to assess the insured's pollution exposure risks. Based on the size of the insured's business, number of years in business, previous loss history, and other factors, the underwriter will work to provide the coverage needed.
Environmental impairment liability (EIL) insurance is a specialized insurance policy that covers liability and sometimes cleanup costs associated with pollution.
