"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.
Washington Lender Environmental Insurance
State:
Multi-State
Control #:
US-LEI897
Format:
Word;
PDF;
Rich Text
Instant download
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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 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.
A separate environmental insurance policy is often required because public liability insurance typically excludes environmental liabilities with the exception of sudden, unintended and unexpected pollution incidents.
Some policies exclude common hazards such as asbestos, lead, mold, and pre-existing pollution on the site. If you're working with a particular excluded hazard, inquire about purchasing additional coverage. Depending on your unique risks, consider a rider that includes coverage for a specific known hazards.
Pollutant, as defined in standard liability insurance policies, is an irritant or contaminant, whether in solid, liquid, or gaseous form, including?when they can be regarded as an irritant or contaminant?smoke, vapor, soot, fumes, acids, alkalis, chemicals, and waste.
Pollution liability claims can be filed against construction, renovation, and demolition contractors for large amounts of unmanaged dust that their business operations produce.
?Strict liability? means that victims of oil pollution damage do not have to prove fault on the part of the shipowner in order to obtain compensation. The shipowner is liable for any damage caused - or indeed threatened ? by oil from the vessel.
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.
