Real Estate Environmental Protection
Real estate investment companies are becoming increasingly aware of the financial, legal and reputational risks that can result from
environmental liabilities.
AXA XL's Environmental Team’s experience has shown that even seemingly ‘low risk’ land uses such as commercial offices, retail parks and leisure facilities can hold unsuspected environmental issues. Although the ‘Polluter Pays’ principle continues to be enforced, liabilities can often pass to incumbent property owners, who find themselves facing claims for pollution or environmental damage for which they had no knowledge of and for which they had no control over.
The AXA XL Environmental Real Estate insurance policy has been designed to assist investors in the acquisition and ongoing management of property portfolios.
Benefits & Services
- Business interruption (including loss of rental income) and extra expense
- Broad insured coverage
- Automatic coverage for certain newly acquired or leased locations
- Coverage for locations inadvertently left off of the property schedule
- Abandoned materials
- Fines and penalties (where allowable by law)
- Automatic coverage for certain underground storage tanks
Client Profiles
- Portfolio property owners and managers
- Property developers
- Real estate investment trusts (REITs)
- Pension funds
PORTFOLIO PROFILE
- Commercial
- Retail
- Industrial
- Residential
- Mixed-use
TAILORED COVERAGES
- First-party discovery and regulatory triggers for remediation expense
- Third-party bodily injury, property damage and defence
- Legal expense
- Third-party business interruption and diminution of value
- Environmental liability directive