Policyholders asserting claims against an insurer for damages arising from a fire, environmental contamination or other causes need to pay close attention to the “fine print” contained in their policy. Assigning a claim without a thorough understanding of the policy terms is risky and may violate the provisions of the policy and render the assignment,… Continue Reading
Category Archives: Environmental Insurance
Subscribe to Environmental Insurance RSS FeedNew Jersey Court Denies Reimbursement for Defense Costs
Posted in Environmental InsuranceIn a recent unpublished opinion, a New Jersey Appellate Division court upheld the lower court’s dismissal of an insurance coverage action for environmental contamination. In Spartan Oil Company v. New Jersey Property-Liability Insurance Guaranty Association, decided June 8, 2012, Spartan Oil had purchased and subsequently renewed a commercial vehicle insurance policy from Planet Insurance Company… Continue Reading
Lack of Control by Insured Over Related Companies Results in Denial of Coverage
Posted in Environmental InsuranceIn Newport Associates, Phase 1 Developers Limited Partnership v. Travelers Casualty and Surety Company, No. HUD-L-3070-09 ( New Jersey L. Div. January 24, 2012), plaintiff developers brought a declaratory judgment action against its comprehensive general liability and excess insurance carriers seeking indemnification for cleanup costs related to a site located in Jersey City, New Jersey. … Continue Reading
Guaranteed Cleanup Cost Contracts: A Keystone for Contaminated Property Deals
Posted in Environmental Insurance, Managing Environmental Risk in Transactions, Transactions Involving Contaminated PropertyOften the hardest issue to negotiate in a real estate transaction involving a contaminated property is which of the parties has to pay if the actual environmental cleanup costs are much higher than the estimate used by the parties when they negotiated the deal terms. Many deals used to die over this issue either because… Continue Reading