Source: XL Environmental, eNews, March 20, 2013
Commercial real estate sales volume surged in 2012, according to the CoStar Commercial Repeat Sale Indices (CCRSI). Both the investment grade and general commercial segments were heavily traded as improving market fundamentals and attractive yields relative to other asset classes drove strong investor interest in commercial real estate.
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Sales volume in commercial real estate is on the rise. Don’t allow your insured to be blind-sided by an uninsured pollution loss setting them back financially as the market continues to gain momentum. Can we get you a quote you can take to your client? Contact your regional underwriting manager today to find out how you can protect your insured’s real estate investment with pollution coverage from XL Group.
The insurer that issued the performance bond for a portion of the troubled Interstate-84 construction in Connecticut will pay $17.5 million to settle claims involving installation of defective drains. The payment from the insurer on behalf of the primary contractor for the project will allow the state to begin repairing the defective drains along a three-mile stretch of highway. Many of the defective drains lead nowhere or are clogged with debris, with others connected with substandard, cracked and leaking pipes. The state estimates that it will cost $27 million to repair them. Under the agreement, the state retains the right to sue the contractor for additional funds. The contractor has already been sued by its insurer, who accuses the firm of concealing funds and purchasing luxury cars with company resources.…
Real estate owners, developers, and investors face many issues during property transactions. The expectation is that these properties will provide a profitable income. However, a pollution condition can wipe out any development or investment monies in a nanosecond. That’s why the real estate community relies on XL’s Pollution and Remediation Legal Liability (PARLL) policy.
XL can provide unique and flexible coverages and risk transfer products for mergers and acquisitions, property transactions, Brownfields, BRACS/Closed Military Bases and other forms of real estate.…