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Secured Creditor/Bankers Environmental Risk
The Secured Creditor/Bankers Environmental Risk Property Insurance
Program protects lenders against loss from borrower default on a commercial
real estate loan that is secured by an insured property, leasehold
or fixed assets.
If there is a default caused by a pollution condition on the insured
property, the policy will indemnify the lender for the outstanding
loan balance. Additionally, the policy will provide coverage for the
lender against third-party claims for bodily injury, property damage
or cleanup costs resulting from pollution conditions on the property.
As risk protection is provided to both lender and borrower, transactions
can be completed confidently and efficiently. A lender's entire portfolio
of loans can be insured with this policy.
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