On January 26, AIG announced a number of strategic actions. While there are other carriers who underwrite Pollution Legal Liability (PLL) coverage, in the context of its restructuring initiative, AIG has decided that it will no longer be offering PLL policies.
PLL policies are looked to in a number of settings where there are concerns about environmental liabilities, particularly when parties to a transaction negotiate the allocation of risk associated with environmental conditions at a property. PLL coverage generally does not apply to known pollution conditions. Subject to the terms and conditions of the PLL policy, coverage is available to address pre-existing conditions that are not known at the time of the transaction, and environmental conditions that arise subsequent to the transaction. Coverage can extend to third-party bodily injury and property damage claims and also business interruption claims as well as pollution claims associated with the insured's disposal activities at non-owned locations. Also, lenders often require PLL coverage where potential environmental liabilities are a concern. Over the years, PLL policies have been an important tool in the risk management toolbox when dealing successfully with environmentally challenged properties.
AIG has reportedly begun to notify its policyholders of its decision. The insurer is advising existing PLL policyholders that coverage will continue under their current policies, but these policies will not be renewed.
On Wednesday, March 15, Kate Coffey will be speaking at the 13th Annual Landlord-Tenant Law: Lease Agreements, Defaults, and Collections seminar about laws concerning leasing and condominiums.
Day Pitney Alert
On February 27, Kate Coffey will be speaking at the 5th Annual Landlord-Tenant Law: From Lease to Eviction Seminar for Sterling Education Services, a non-profit continuing legal education company.
Patrick McCarthy and Christopher Stracco are scheduled to speak on Friday, February 10, at the New Jersey Institute of Continuing Legal Education's Annual 2017 Redevelopment Law Institute at the Renaissance Woodbridge Hotel in Iselin, New Jersey.
Florence Davis co-wrote an article entitled "Taming the Duck--Distributed Energy Resource Solutions to Renewable Energy Integration," for Bloomberg BNA's Daily Environment Report.
Day Pitney partners Marie Bertrand and Michael Byrne have been named Fellows of the American College of Mortgage Attorneys.
Michael P. Byrne was mentioned in an article, "Day Pitney, Greenberg Traurig Steer $130M NYC Loan," in Law360.
Barbara Freedman Wand was quoted in the article "Banks Explore Multiple Avenues For Community Investment," in The Commercial Record.
Harold Blinderman was quoted in an article, "Coal Co.'s Win Won't Diminish EPA's Regulatory Clout," in Law360. In the article, he discusses the significance of the case, Murray Energy Corporation et al v. Administrator of Environmental Protection Agency, in which the federal District Court for the Northern District of West Virginia granted summary judgment to Murray Energy.
Day Pitney Press Release