"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.
Alaska Lender Environmental Insurance
State:
Multi-State
Control #:
US-LEI897
Format:
Word;
PDF;
Rich Text
Instant download
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FAQ
The losses or damages covered by environmental insurance usually arise in the form of claims against insureds for bodily injury, property damage, cleanup costs, and business interruption.
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.
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 business may also incur costs to contain chemical spills, manage the harmful effects of air emissions, waste treatment, and exit costs for closing disposal sites. Failure to manage the effects of the wastes on the environment can attract lawsuits and legal actions by government agencies against a business.
ENVIRONMENTAL PREVENTION- A LIABILITY 'The growth of corporate entities should not be at expense of environment' Environmental liability is the term that defines the process through which liability for degrading the quality of the environment is transferred back to those who cause the damage.
For example, if a metal manufacturer regularly uses hazardous chemicals to treat their products, and a storage tank accidentally leaked into a nearby ravine, environmental insurance would help pay for lawsuits over harm to the surrounding area and any necessary cleanup costs.
Liability for environmental harm is designed to compensate affected parties, with a particular focus on restoring or replacing injured resources and/or providing compensation for lost value.
Pollution Liability Insurance, also commonly referred to as environmental insurance, helps protect businesses from unexpected pollution exposures that may not be covered by standard casualty and property policies.
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.