Environmental Insurance Agency, Inc.
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Brownfield Redevelopment
The Problem. Brownfields are abandoned, idled or underused industrial and commercial properties at which real or perceived contamination interferes with real estate transactions and redevelopment or reuse efforts. They are also referred to as lightly contaminated sites. They are not Superfund sites, but fear of strict, joint and several, and retroactive Superfund liability often prevents them from being sold. Also, owners “mothball” these sites because they’re afraid of what they’ll find and will have to report if they look too closely. Thus, the risks and liabilities don’t get transferred.
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The Solution: EIA can:
- Provide integrated environmental risk management services by working as a part of a team with the client, lawyers, engineers in any project.
- Identify and analyze specific risks of concern based on proper technical and legal analysis.
- Structure the transaction. Identify indemnity goals of buyer and/or seller; help in drafting and negotiation of environmental provisions of purchase and remedial agreements
- Negotiate/draft/manuscript environmental insurance policies to support or substitute for contractual indemnities
- More sophisticated insurance tools are making it easier to protect your property
- Contaminated properties represent a huge investment opportunity… (Click to read full article)
- Suggest alternative risk transfer (ART) mechanisms where appropriate: guaranteed fixed price remediations (GFPR’s), structured settlements, portfolio or pooled insurance.