AXA XL expands pollution liability coverage for lenders

AXA XL has expanded its pollution and remediation liability offering for lenders with a new endorsement designed to protect against losses tied to loan defaults involving environmental conditions.

The Protective Environmental Asset Coverage Enhancement (PEACE) endorsement can be added to AXA XL’s Pollution and Remediation Legal Liability policy and covers mortgage impairment losses resulting from pollution conditions at a covered location following a loan default. The endorsement also extends protection to include post-foreclosure remediation expenses, business interruption, bodily injury and property damage, non-owned disposal sites, contingent transportation, and diminution in value.

According to AXA XL, the expanded coverage is aimed at mortgage lenders, banks, and financial institutions seeking additional protection against environmental risks tied to secured properties.

“As a leader in environmental insurance for more than 35 years, AXA XL is committed to providing solutions that help our clients in the face of risk. Offering additional coverages to mortgage lenders, banks or lending institutions will help to protect their investments and support economic growth.” – Brett McGovern, Senior Underwriter, Environmental Pollution, and PEACE product leader at AXA XL.