The consequences of environmental liabilities from a potentially impaired site are far reaching. Both property buyer and lending institution face risk, but especially so, the bank lender. If the buyer defaults, the loan could become the bank's responsibility. Lender’s liability coverage is designed to protect lending banks if the buyer defaults on the loan, leaving an expensive environmental problem behind.
Cost Overrun Coverage is designed to pick up cost overruns on a remediation project if it goes beyond the projected budget. But, when determining if a program is sound and its costs allowed, carriers typically have stringent underwriting rules for remedial action plans. Risk Strategies helps clients find policies that cover unusual risks while also reducing costs.
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