AXA XL unveils lenders' pollution endorsement in North America

NEW YORK, Nov. 17, 2021 /PRNewswire/ -- AXA XL's Americas Environmental insurance business has unveiled its Protective Environmental Asset Coverage Enhancement (PEACE)©, an endorsement specifically designed to protect lenders' financial interests against losses from loans at fixed facilities as a result of sudden and gradual pollution conditions.

According to Anthony Gentile, Sr. Product Line Leader for AXA XL's Americas Environmental insurance business, "With the development of our PEACE endorsement, we're reinforcing our 35+ year commitment in helping financial institutions and lenders address their environmental concerns.  The endorsement adds tailored coverage for loans and lending institutions to our Pollution and Remediation Legal Liability (PARLL) policy, giving lenders more comprehensive environmental coverage than what typical standalone lenders' coverage currently offers."

"Just as its name suggests, our PEACE endorsement gives lenders' peace of mind, lessening their concerns about loan decisions for facilities with potential environmental risk," said Senior Environmental Underwriter Brett McGovern. "For instance, in the event of a default, the endorsement protects lenders' security risks related to collateral locations from a mortgage impairment loss as a result of a pollution condition on, at, or migrating from such locations. And, even before a default, exposures related to pollution conditions are backstopped by certain other coverages in our standard PARLL policy," Mr. McGovern added.

Other features of the PEACE endorsement include:

• Terms up to 10 years with full policy limits and broad pollutants & pollution condition definitions under the PARLL policy
• Coverage for lesser of loan balance or clean-up cost in the event of a loan default
• Coverage for bodily injury and property damage before a default scenario
• Coverage available for mezzanine lenders
• Ability to provide coverage for an aggregate self-insured retention amount and primary insurance coverage without right of contribution

AXA XL's Americas Environmental insurance business helped build today's environmental insurance market. Nearly three decades later, the team is still making strides, developing new pollution insurance products, finding new ways to address business' environmental risks and delivering products and service via an integrated approach taken by dedicated underwriting, risk consulting and claims handling teams.

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ABOUT AXA XL

AXA XL, the property & casualty and specialty risk division of AXA, provides insurance and risk management products and services for mid-sized companies through to large multinationals, and reinsurance solutions to insurance companies globally. We partner with those who move the world forward. To learn more, visit www.axaxl.com

ABOUT AXA XL INSURANCE

AXA XL Insurance offers property, casualty, professional, financial lines and specialty insurance solutions to mid-sized companies through to large multinationals globally. We partner with those who move the world forward. To learn more, visit www.axaxl.com

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SOURCE AXA XL