Pollution and Lending Institutions
Is an identified pollution condition preventing a transaction from closing or has a borrower refused to indemnify the bank for environmental liability?
Your financial interest is negatively impacted when collateral securing a loan is contaminated. When a pollution condition occurs on collateralized property, clean-up expenses and diminishing property value are very real concerns. You may also incur third-party bodily injury and property damages or defense expenses, not to mention an unpaid mortgage.
Gallagher can help your institution create new business opportunities with insurance products that insulate your risk on a class of business that might otherwise be lost.