In the event of a loan default and discovery of environmental contamination, the lender’s environmental policy offers coverage to help protect the collateral value and related financial losses that could hurt the lender’s bottom line.
Protection of the collateralized loan
Covers bodily injury and property damage losses and cleanup costs resulting from pollution conditions
Can be written on a single-site or on a portfolio basis
Provides a competitive edge for lenders regarding standard environmental due-diligence techniques (a phase I assessment)
Can replace or augment a lender’s own due-diligence process
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