Beazley SLEAP provides coverage for lenders of commercial loans to respond to 3rd party claims in the event of a loan default.
The Site Lender Environmental Asset Protection (SLEAP) policy covers lenders on their commercial loans to help protect the collateral value of real property and cover related financial losses that could negatively impact a lender’s bottom line. In the event of both a loan default and the existence of environmental contamination on the collateral property, the policy pays the lender the lesser of the estimated cleanup costs to remediate the property, or the loan balance. In addition, it protects the lender against 3rd party claims for cleanup, bodily injury, property damage, and defense costs associated with the collateral property at all stages of a commercial loan and regardless of whether the loan is in default. It also pays for cleanup costs if the lender first discovers contamination at the collateral property after they foreclose. This is valuable coverage to lenders as it transfers the pollution risk at collateral properties to an insurance company willing to take the risk on. It shores up lenders’ environmental due diligence program on their commercial loans, giving lenders the comfort to sleep at night.
Up to $10,000,000
The Site Lender Environmental Asset Protection (SLEAP) policy covers lenders on their commercial loans to help protect the collateral value of real property and cover related financial losses that could negatively impact a lender’s bottom line.
BEING BOLD
Freedom lies in being bold. We dare to be different and seek bold possibilities to create more innovative, fair and satisfying outcomes for our clients, brokers and employees. From insuring the highest building in the world, to the first commercial lunar vehicle to operate on the moon - we boldly go where others won’t.
STRIVING FOR BETTER
Good is a start, but we go all-out for better. A driven community of individuals relentlessly push the needle and creating value. From launching the market’s first dedicated ESG syndicate to the establishment of our business unit focusing on designing digital insurance solutions, we pride ourselves on always going above and beyond. Simply put, at Beazley we go to 11.
DOING THE RIGHT THING
Acting with integrity in a straightforward, decent way is instinctive. Open and honest with others, we show respect and empathy however challenging the situation – demonstrated by our multi-award winning claims team. Doing the right thing makes for a fair-minded, rewarding environment and makes work and life better for all.
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Perfluoroalkyl and polyfluoroalkyl substances, commonly referred to as PFAS, are attracting increasing levels of attention owing to their possible association with human health concerns.
Increasingly severe, frequent and costly extreme weather events, which research1 links directly to the impacts of climate change, are now becoming a new normal across the world. These intensifying natural catastrophe risks are spilling over into the environmental liability sphere leaving businesses potentially exposed to risks they may not have previously considered.
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With the news full of the toxic fallout linked to the Norfolk Southern train derailment in East Palestine, Ohio, and the release of vinyl chloride, this article considers the potential impacts of phthalates and considers its use and industrial sources of contamination, effects on human health and the environment, routes of exposure, regulation, and insurance implications.
