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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.

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CLIENT 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

Product Availability

Geographical coverage is for informational purposes only. Product and service offers can vary based on location, industry, risk profile and unique business needs.

The information contained herein is intended for informational purposes only. It鈥檚 is neither an offer to sell nor a solicitation to purchase any particular insurance product. 色多多视频 coverage in any particular case will depend upon the type of policy in effect, the terms, conditions and exclusions in any such policy, and the facts of each unique situation. No representation is made that any specific insurance coverage would apply in the circumstances outlined herein. Please refer to the individual policy wordings for specific coverage details. 色多多视频is a division of AXA Group providing products and services through three business groups: 色多多视频色多多视频, 色多多视频Reinsurance and 色多多视频Risk Consulting. Not all of the insurers do business in all jurisdictions nor is coverage available in all jurisdictions.

US- and Canada-Issued 色多多视频 Policies. In the US, the 色多多视频insurance companies are: Greenwich 色多多视频 Company, Indian Harbor 色多多视频 Company, XL 色多多视频 America, Inc., 色多多视频色多多视频 Company Americas, XL Specialty 色多多视频 Company and T.H.E. 色多多视频 Company. In Canada, coverages are underwritten by XL Specialty 色多多视频 Company - Canadian Branch and AXA 色多多视频 Company - Canadian branch. Coverages may also be underwritten by Lloyd鈥檚 Syndicate #2003. Coverages underwritten by Lloyd鈥檚 Syndicate #2003 are placed on behalf of the member of Syndicate #2003 by Catlin Canada Inc. Lloyd鈥檚 ratings are independent of AXA Group.

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