"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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What is Site Pollution Liability? Site Pollution Liability insurance, also known as Premises Pollution, Environmental Impairment Liability (EIL insurance), and Pollution Legal Liability (PLL), is designed to cover claims arising from pollution releases at, on, or emanating from a specific scheduled location.
Renovation Contractor - A contractor disposed of sealants and solvents containing toluene in a covered commercial dumpster. After climbing into the dumpster, two 10- year-old children were overcome by fumes and died. The contractor faced a claim in excess of $2 million for inadequate disposal of the waste toluene.
Environmental Professional Liability Insurance is designed to cover a wide variety of professionals from consultants to contractors for errors and omission claims resulting from pollution conditions.
Environmental liability applies to environmental damage and the risk of damage resulting from commercial activities once it is possible to establish a causal link between the damage and the activity in question.
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 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.
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.