MHBT Environmental Practice
MHBT Environmental Practice provides protection from and solutions to environmental risks. We combine strategic risk management approaches and mechanisms, capable engineering services and applicable risk transfer techniques utilizing finite risk and third party liability policies.
Environmental issues frequently impede finalization of real estate transactions. Examples of this are:
- Phase I environmental site assessments are incomplete, inaccurate or unavailable
- Environmental indemnities are unavailable or unsatisfactory
- Environmental indemnitor has inadequate financial capacity to collateralize the indemnity agreement
- Properties are available only on an “as is” basis for environmental conditions
- Lender refuses to accept environmental site conditions or environmental indemnities.
We offer solutions which will expedite the transaction. These solutions are available on portfolios or individual properties whether those properties are considered clean and repaired.
Environmental risk management techniques can also assist in the following areas:
- Provide funding for off balance sheet liabilities
- Expedite merger and acquisition activities
- Make purchasing contaminated property a good investment
- Provide discounted funding techniques for existing liabilities
- Limit risk for Brownfield projects
Examples of some of the funding/risk transfer techniques are:
- Pollution Legal Liability
- Cleanup Cost Cap
- Secured Creditor Impaired Property Policy
Pollution legal liability is an environmental insurance policy that helps cover the environmental risks that come with owning or operating a facility or site. It is a strategic risk management mechanism, with coverages that can help protect buyers and sellers from environmental liabilities and business transactions such as a merger, acquisition or divestiture.
The policy provides environmental coverage for losses due to on-site or off-site pollution conditions. Coverage can apply to pre-existing or new conditions. Coverage applies to sudden and gradual pollution. Coverage is also available for first party business interruption coverage due to loss from a pollution condition and first party diminution in value coverage due to on site pollution.
Cleanup Costs Cap is designed to address the risk and uncertainty associated with beginning or continuing an environmental remediation project. The policy covers cost overruns when environmental remediation projects exceed the projected cost. It becomes a tool in your investment strategy or a part of ongoing balance sheet management by ensuring the unexpected cost do not investing in contaminated property and unknown financial proposition.
Secured Creditor Impaired Property helps protect commercial real estate lenders and can help to facilitate and close transactions. The policy pays the outstanding loan balance when a default occurs and an environmental condition exists. The policy only protects the lender. In addition, the policy provides the lender with a wide range of environmental exposures including claims for BI, PD and cleanup costs arising from pollution conditions that occur on the insured property and clean up costs incurred by the lender in the event of foreclosure.
Contractors
Environmental insurance offers contractors a wide variety of ways to help protect their “exposure” areas including; liabilities resulting from claims for third party bodily injury, property damage or environmental damage arising from pollution conditions caused in the performance of covered operations. Coverage applies to sudden and gradual pollution events and responds to clean up costs both on and off the worksite.
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