When concerns are raised about potential undetected pollution during the sale of an industrial-property site, the buyer's lender typically requires its client to purchase Pollution insurance before the lender will finance the deal.
Sometimes, however, a seller will purchase the coverage simply to spur interest among potential buyers, as Site Pollution underwriters these days will transfer the coverage to the property buyer.
For the U.S. division of a German conglomerate trying to sell an idle industrial site a few years ago, the decision to purchase Site Pollution coverage was penny-wise and pound-brilliant, according to Cleveland-based broker Bruce Kranz, senior vice president of Environmental risk at Hylant Group Inc.
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