Site Lender Environmental Asset Protection (SLEAP)

Key Coverages 

• In the event of a pollution condition and a loan default, pays the lesser of the outstanding loan balance or the estimated cleanup cost
• 3rd party bodily injury and property damage
• New and existing pollution conditions 
• Known and unknown pollution conditions 
• Known and unknown storage tanks 
• Transportation, non-owned disposal site liability (blanket locations) 
• Covers business interruption should the lender foreclose on the property 

Additional Coverages 

• Protection against third-party claims for cleanup, bodily injury, property damage, and defense costs associated with the collateral property at all stages of a commercial loan, regardless of whether the loan is in default. 
• Covers cleanup costs if the lender first discovers contamination at the collateral property after a foreclosure. 
• Can cover a single property or a portfolio of properties secured by a single loan. 
• A great alternative to conducting a Phase II ESA to address environmental concerns. 
• The policy can be transferred to purchasers of the loan.