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FLEET BANK-RI LAUNCHES ENVIRONMENTAL COVERAGE REQUIREMENTS AIMED AT POTENTIAL ENVIRONMENTAL RISK OF COMMERCIAL REAL ESTATE LOANS

FLEET BANK-RI LAUNCHES ENVIRONMENTAL COVERAGE REQUIREMENTS AIMED AT
 POTENTIAL ENVIRONMENTAL RISK OF COMMERCIAL REAL ESTATE LOANS
 PROVIDENCE, R.I., June 23 /PRNewswire/ -- Fleet Bank-RI announced today that its commercial real estate borrowers will be required to obtain environmental insurance for potential liabilities associated with future or undetected environmental contamination.
 Fleet's environmental coverage requirements will seek long-term environmental insurance protection for commercial real estate properties securing loans in its commercial real estate portfolio, which is in excess of $1.2 billion. The required insurance will cover expenses related to cleanup, due care requirements and defense activities.
 Fleet is not offering the insurance to its borrowers or participating in their coverage in any way. Fleet said that a property transfer liability insurance program offered by ERIC group, Inc., through a national program administered by Frank B. Hall of R.I., satisfies the environmental coverage requirements. Fleet noted that other insurers can seek to qualify under the program.
 The insurance requirement is effective immediately at Fleet


Bank-RI, where it will affect commercial real estate loans of $1 million or more of new or renewing commercial real estate loans. The program will be implemented in all other Fleet banks by year-end.
 Fleet Bank-RI is a subsidiary of Fleet Financial Group, a $45 billion diversified financial services company listed on the New York Stock Exchange (NYSE: FLT) with approximately 1,300 offices nationwide. Fleet Financial Group's lines of business include commercial and consumer banking, mortgage banking, consumer finance, asset-based lending, investment management and student loan processing.
 -0- 6/23/92
 /CONTACT: Robert Lougee Jr., 401-278-5879, Charles T. Conway Jr., 401-278-6240, or Barbara McKay, 401-278-6223 for Fleet Bank/
 (FLT) CO: Fleet Bank-RI ST: Rhode Island IN: FIN SU:


TM -- NE005 -- 2769 06/23/92 10:27 EDT
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Publication:PR Newswire
Date:Jun 23, 1992
Words:291
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