Environmental
Whether you are a property owner, construction company or manufacturer, you have environmental exposures. Our Environmental Risk Consulting practice assists you with questions regarding the various products available to your company concerning environmental liabilities. We also facilitate Merger & Acquisition transactions with the use of policies to transfer environmental risk.
You will benefit from our expertise in coverage issues such as:
- Contractor’s Pollution Legal Liability policies
- Cost Cap/Fixed Price Remediation programs
- Site-specific environmental liability coverage
- Real estate transactional policies
- Storage tank liability policies
A thorough evaluation of your current and future liabilities will help us develop a risk transfer program to provide financial stability to your company if there is a loss. Building on this evaluation, we take a creative approach to marketing and placing coverage. And, our relationships with senior management of carriers providing environmental coverage allows us to negotiate favorable terms so that you to receive the best coverage possible.
Our specialists will provide you with solutions to:
- Board of Directors objectives
- Contract requirements
- Landlord requirements
- Lender requirements
- Regulatory obligations
- Shareholders’ needs
Whether you have a contract issue or a claim, you can always expect to receive prompt responses, meaningful comments and value-added service.
Lockton Service
The key to our success is working in close partnership with each of our clients. Our specialists take time to listen and to understand your specific goals so that we deliver insurance solutions tailored to your requirements. This approach has earned us the trust of clients all over the world.
The same team that designs, negotiates and implements your business insurance plan with the carrier is also responsible for managing your service needs. This dedicated team approach increases our understanding of your business, allows us to anticipate your needs, and creates accountability and ownership by the team throughout the entire process.
Most insurance brokers promise a high-level of personalized service, but our unique structure allows us to actually deliver on that promise everyday. As a private, family-owned company, all our Associates focus solely on you, our client, rather than public shareholders.
We firmly believe we get business based on our expertise, creative solutions and outstanding service. Just as importantly, our client retention rate of 95 percent reflects our commitment to each and every client.
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Success Stories: |
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Creativity and persistence save a company’s operations
Lockton literally helped save a company’s business. With less than three weeks from policy expiration, the company’s insurance broker had told them that they would not be able to offer renewal terms for the policy. The company’s carrier would not renew, and the broker was not able to find replacement coverage. The company was faced with closing their location if their environmental policy was not replaced, so they asked Lockton for help. Lockton found replacement coverage by approaching carriers that had not even been approached previously. Our creative approach, knowledge of the marketplace and persistence kept this company in business.
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Fast action helps deals close on time
With less than 48 hours notice, a real estate development company contacted Lockton in need of an environmental policy to close on a large property acquisition. If the policy wasn’t in place, the lender wasn’t going to provide the funds for the deal. Lockton reviewed the environmental site reports, contacted underwriters, and had the insurance in place and binder ready to go for the closing. Less than a month later, the same company called and needed a binder in four hours for another closing. Undaunted, the Lockton team had the coverage needed in time to close another acquisition.
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Getting the deal done
An attorney called and said, “The deal is going to fall apart if you can not get this done!” A regional supermarket chain was selling several locations, then leasing them back from the property management group. The lender required dedicated insurance limits for each site with special language. Several of the sites had historical environmental issues that had to be covered for the deal to go through. Lockton worked with four groups of attorneys: the seller’s, the buyer’s, the lender’s and the carrier’s. That, in its own is quite an accomplishment. The deal held together because Lockton structured a program at significant premium savings that met the requirements of the lender.
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Effective risk transfer
Lockton facilitated the a sale of a real estate portfolio valued more than $1 billion using Environmental Liability policies to transfer risk. This allowed the sale to take place without expensive and time consuming Phase I environmental reports for all of the locations. The client was thrilled that the sales proceed efficiently and faster than it could have otherwise.
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