"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.
Wisconsin Lender Environmental Insurance
State:
Multi-State
Control #:
US-LEI897
Format:
Word;
PDF;
Rich Text
Instant download
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FAQ
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.
Scope of Application: There are four broad categories of potentially responsible parties (PRPs) that may be held liable for paying for CERCLA cleanup costs if they contributed any amount of hazardous substance to the contaminated site: (1) current owners or operators of the site at which hazardous substances were ...
Historically, under the Comprehensive Environmental Response, Compensation, and Liability Act (CERCLA, commonly known as Superfund), the owner or operator of a contaminated property could be held responsible for the property's cleanup, based solely on their current ownership of the property.
Although 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.
CERCLA Section 101(20) contains a secured creditor exemption that eliminates owner/operator liability for lenders who hold ownership in a CERCLA facility primarily to protect their security interest in that facility, provided they do not ?participate in the management of 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.
