Acknowledgement to XL Environmental
An XL insured entered into a transaction to sell an office building to a developer. The property was previously used as a newspaper/printing operation. As the potential buyer of the property, the developer had environmental studies done on the property. During the studies, trichloroethylene (TCE) was discovered in the soil and groundwater at the site.
XL’s environmental claims counsel and a technical consultant collaborated with our insured and their consultant to further investigate the property and prepare a remediation work plan. Remediation costs were estimated at $2,500,000. Remediation activities were monitored by the XL’s environmental claims counsel and a technical consultant, which ultimately led to a successful completion of the remediation below cost estimates.
The insured’s Pollution and Remediation Legal Liability Policy paid $1,500,000 for the costs and expenses associated with the remediation of the property. The sale between our insured and developer was successfully completed.