PROPERTY TRANSFER LIABILITYSM INSURANCE
Our Property Transfer Liability Insurance program addresses environmental concerns of purchasers, sellers and lenders in commercial real estate transactions. This coverage pays for environmental cleanup costs the Insured is legally obligated to pay, as well as responding to third party liability claims for property damage and bodily injury.
Property Transfer Liability Insurance coverage quantifies the uncertainty of environmental concerns and can take the place of an environmental indemnity between buyer and seller.
Property Transfer Liability insurance often meets the requirements of lenders that would otherwise require environmental indemnities from borrowers. The lender can be named as an additional insured and in the event of a foreclosure; the insurance policy can be transferred to the lender.
REMEDIATION STOP LOSSSM INSURANCE
Remediating a contaminated site carries the risk of potential cost overruns from a variety of sources:
- Discovery of additional contamination
- Changes in regulatory standards
- Failure of the remediation technology to achieve the required results; and
- Construction cost overruns.
Remediation Stop Loss insurance can effectively cap the remediation costs to a maximum amount. The insurance policy pays for cleanup costs that exceed a policy attachment point, based on the based on the remediation cost estimate.
With our Remediation Stop Loss Insurance in place, all parties involved in the transaction can proceed with remediation, or transfer, or financing of the property, knowing the maximum possible cost of clean up in advance.
Buildings with asbestos containing materials do not always need to undergo abatement to remove those materials. Often times it makes more sense to leave these materials in place. If the owner chooses to abate the asbestos, it usually makes sense to schedule this work to coincide with tenant space vacancy or other renovation work.
Environmental Risk Agency's Asbestos In Place insurance program allows the property owner or manager to manage the risk of leaving asbestos materials in place.
Asbestos In Place insurance provides coverage for third party bodily injury or property damage arising from an asbestos release.
With this coverage in place, the Insured can control operating costs and optimize cash flow by either maintaining and managing asbestos containing building materials or scheduling their removal at convenient times.
OWNER CONTROL INSURANCESM
When remediation or abatement work is to take place, the property owner must be sure the contractors and sub-contractors carry adequate insurance. The cost of that insurance is passed on to the property owner. Often times the project owner is sharing the contractor's coverage with other project owners the contractor has worked for, thus facing diluted limits. The coverage carried by the contractor may not meet the needs of the project owner, either in terms of the type of coverage or the limits.
An Owner Control Insurance program allows the project owner to specify the terms and conditions of the insurance coverage for the project by purchasing a policy in the name of the project owner. The owner controls the coverage form, limits and policy term. The contractor is named as an additional insured and has coverage under the policy for the project.
Environmental Risk Agency
Our ability to develop and blend coverages to meet the unique needs of real estate owners has made Environmental Risk Agency a leading provider of environmental insurance for the real estate industry.
Our environmental policies are written at competitive rates by top "A rated" insurance companies.
For further information about our insurance products or about Environmental Risk Agency please contact one of our officers:
Bozeman Montana Office - Coverage Area: Nation Wide
Steven L Hargreaves, President (click for Bio Info)
Environmental Risk Agency LLC
1627 W Main Street
Bozeman MT 59715
Oklahoma City Office - Coverage Area: Nation Wide
Gregory R Chamberlin, Vice President (click for Bio Info)
Environmental Risk Agency LLC
820 West Damforth Road, #A-10
Edmond OK 73003-5006
Environmental Risk Agency distributes its innovative coverages throughout the United States. Coverages are also available to U.S. based clients for risks located in Europe and Asia.
Our environmental policies are written on the paper of top insurance companies, at competitive rates. Environmental Risk Agency policies are produced exclusively with domestic carriers that are "A" rated by the AM Best Company.