XL Insurance, the insurance operations of XL Capital, has said that its environmental unit is providing environmental insurance coverage to aid in the early transfer of former Riverbank Army Ammunition Plant in California.
According to XL Insurance, the environmental insurance policy was purchased by the Riverbank Local Redevelopment Authority (LRA), and enabled the LRA to minimize its environmental exposure as it assumed its role as the landlord for multiple tenants on the site.
In addition, the company has also provided similar environmental insurance protection to 36 different Base Closure and Realignment Commission (BRAC) sites.
The environmental insurance provides a financial protection that assures funds will be available if an environmental incident occurs.
Debbie Olson, executive director of Riverbank Local Redevelopment Authority, said: “XL Insurance understood our needs, responded immediately, and provided the coverage we needed to allow us to go forward. We’ll continue to work with XL Insurance as we negotiate other aspects of our Early Transfer agreement.”