"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.
"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.
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Environmental Remediation Cost Cap Coverage provides cost overrun protections to owners or contractors when faced with a long-term environmental remediation project. These policies are designed to pick up cost overruns on a remediation project if it goes beyond the projected budget.
The protection afforded by environmental insurance is available in a number of different policy terms and types of coverage: Cleanup Cost Cap coverage provides the developer with protection against the possibility that actual cleanup costs exceed original estimates.
COVERAGE APPLICATION. Pollution Legal Liability (PLL) provides pollution liability coverage for environmental risks associated with the ownership/lease of property or operation of a facility or site. PLL applies to virtually every industry that owns, leases, acquires or divests real estate.
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.
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 Insurance is crafted to provide cover for the costs of cleaning up pollution conditions if required by a third party, including a governmental agency. It can also cover bodily injury and property damage of third parties that are caused by the pollution condition.
To avail oneself of the Spill Act innocent purchaser defense, a purchaser must demonstrate that it did not know and had no rea- son to know of prior discharges of hazardous substances at the prop- erty by performing ?all appropriate inquiry? prior to purchase.
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.