"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.
Virginia Lender Environmental Insurance
State:
Multi-State
Control #:
US-LEI897
Format:
Word;
PDF;
Rich Text
Instant download
Description
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FAQ
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.
Hear this out loud PauseEnsure that you do not cause water pollution. Get permission from your water company before you allow trade effluent such as waste chemicals, detergents, cooling or cleaning water to enter the sewerage system. Comply with legislation regarding emissions into the air.
Hear this out loud PauseA 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 Combined Policy (ECP) Our ECP policy provides liability coverage for bodily injury, property damage and cleanup costs for your environmental contractors and consulting clients. The Contractors Pollution Liability coverage part is available on either a claims made or occurrence basis.
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.
Hear this out loud PauseEnvironmental liability applies to environmental damage and the risk of damage resulting from commercial activities once it is possible to establish a causal link between the damage and the activity in question.
Hear this out loud PauseEnvironmental liability is an instrument of environmental protection for the prevention of and compensation for environmental harm. It promotes the personal responsibility of the (economic) players.
