
Protective Environmental Asset Coverage Enhancement (PEACE) - North America
For financial lending institutions
AXA XL鈥檚 new PEACE endorsement strengthens our 35+ year commitment in protecting lender鈥檚 financial interests against losses from loans at fixed-facilities as a result of sudden and gradual pollution conditions. This product is used with our flagship Pollution and Remediation Legal Liability (PARLL) policy to protect loans and financial institutions.
Risk Consulting
Risk consultants providing comprehensive risk management solutions based on an understanding of client business priorities and goals.
Learn MoreCLIENT PROFILES
- Banks
- Lending institutions
- Mezzanine lenders
- Real estate, habitational, office and retail loans
- Warehouse and manufacturing site loans
COVERAGE
This 色多多视频policy enhancement gives lenders PEACE of mind for facilities with environmental risk. In the event of a default and even before a default, a lender’s security risk related to a location with pollution conditions is backstopped by coverages in the PARLL policy and PEACE endorsement. It pays for a mortgage impairment loss as a result of a loan default and a pollution condition on, at, or migrating from a covered location.
Advantages of the PEACE endorsement:
- Protects the loan
- Up to 10 year term with full policy limits
- Provides lender coverage for lesser of loan balance or clean-up cost in the event of a loan default
- Provides coverage for bodily injury and property damage before a default scenario
- Provides broad pollutants & pollution condition definitions under the PARLL policy
- Lenders are the sole insureds
- Coverage available for mezzanine lenders
- Ability to provide coverage for an aggregate self-insured retention amount and primary insurance coverage without right of contribution
- Lender liability protections available under relevant laws do not affect afforded lenders’ PEACE coverages, as applicable
BENEFITS AND SERVICES
- 30+ years in the specialized environmental insurance market
- Integrated and experienced underwriting, risk consulting and claims handling
- Staff with an average of 15+ years insurance experience
- Specialized in-house risk consultants offering a broad range of services to minimize losses and protect your profitability
- Expert claims handling with cost effective solutions for litigation and mediation issues, minimizing overall financial risk associated with an incident
- Emergency response services are available 24/7 through OnCall
- Global solutions for multinational accounts