"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.
Colorado Lender Environmental Insurance
State:
Multi-State
Control #:
US-LEI897
Format:
Word;
PDF;
Rich Text
Instant download
Description
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FAQ
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 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.
Underwriting is the process of reviewing potential policyholders for the risk that could come with insuring them and their property. An insurance carrier's underwriters look at multiple factors when deciding whether to approve a policy, including not only facts about your home, but also about you as a homeowner.
Property owners purchase environmental impairment liability insurance. It covers property loss and liability arising from pollution-related damages for sites that have been inspected and found uncontaminated.
For example, if there are storage tanks containing milk or cooking oil that are released into groundwater, the water is then considered polluted. The water itself may not be toxic to drink, but the area affected still needs remediation, which may be covered under a Pollution Liability policy.
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.