ENVIRONMENTAL WARRANTY
Insure risk of pollution and environmental impacts.
Scope of cover
- Covers a new, broader definition of environmental law
- Cover available for single property up to investment portfolios
- A range of consequential loss elements including loss of trading revenue, relocation costs, loss of rent
- Onsite, offsite, EIL, and third part bodily injury risks for all parties
- Insured contract exposures
Benefits
- It saves money
The policy can be triggered before any legal proceedings are initiated. This means issues are resolved sooner, which not only reduces time and money spent on preparing a legal case, but also means that transactions, development and use of the site can continue without costly delays.
- It lasts longer.
The cover remains in place for the life of the mortgage, or up to 25 years. So if, after some time, the property owner redevelops the site, changing its use from industrial to residential, the policy would cover pre-existing pollution that may have be missed during redevelopment. Giving the property owner peace of mind for the remainder of their policy.
- It facilitates a sale
The insurance covers the clean-up of environmental hazards even if they’re discovered after the sale of the property. Buyers can feel more confident, and sellers can sell their property more easily.