"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.
South Carolina Lender Environmental Insurance
State:
Multi-State
Control #:
US-LEI897
Format:
Word;
PDF;
Rich Text
Instant download
Description
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FAQ
Lenders face several types of risks involving loans secured by contaminated property. First, the costs of remediating contaminated property and complying with environmental laws may impact a borrower's ability to repay its loan as well as the value of the collateral for the loan.
Here are the common environmental liabilities: #1 Compliance obligations. Compliance obligations are the regulations that guide the manufacture, use, and disposal of chemicals and other harmful substances in the environment. ... #2 Remediation obligations. ... #3 Fines and penalties. ... #4 Compensation obligations. ... #5 Punitive damages.
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 (ELI) covers the cost of restoring damage caused by environmental accidents, such as pollution of land, water, air, and biodiversity damage.
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.
Business Insurance 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.
What Should Be Covered. Losses arising from pollutants including, but not limited to, fungus, bacteria, asbestos, lead, silica, and contaminated drywall. Bodily injury, sickness, disease, sustained by any person, including death. Property damage, including damage to tangible property and the resulting loss of use it.
