"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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Hear this out loud PauseHowever, the CERCLA Brownfields Amendments provides three landowner liability exemptions: Innocent landowner. Bona fide purchasers. Contiguous property owners.
Hear this out loud PauseAlthough banks and lenders are afforded protection from CERCLA liability through the secured creditor exemption, banks may choose to further protect themselves from loss (due to decreases in the value of the property or collateral) by requiring that borrowers qualify for liability protections.
21E Massachusetts Oil and Hazardous Material Release Prevention Act also known as the State Superfund Law is the statute encompassing issues related to the identification and cleanup of property contaminated by releases of oil and/or hazardous material to the environment. Widely referenced as merely ?21E?.
310 CMR 40 sets forth the requirements for the notification, assessment and cleanup of oil and/or hazardous material releases to the environment.
Hear this out loud PauseSection 107 of CERCLA, 42 U.S.C. § 9607, makes certain categories of parties liable for natural resource damages resulting from a release of a hazardous substance.
The secured creditor exemption limits the liability of a person who, without participating in the management of a facility, holds indicia of ownership for the primary purpose of protecting a security interest in the facility.
The secured creditor exemption removes qualifying lenders from the definition of ?owner? or ?operator? under CERCLA. However, CERCLA also imposes liability on persons who arrange for the transportation of hazardous substances for disposal or treatment.
Hear this out loud PauseCERCLA's major provisions establish (1) liability for hazardous waste cleanup by the generator of the waste; (2) a system for EPA to rank hazardous waste sites; (3) a national priorities list for the sites eligible for cleanup through Superfund; (4) and a national contingency plan that details the procedures to be ...