Taking the liability out of contaminated property transactions
Brownfield redevelopment has been one of the hottest environmental topics for the past several years. However, brownfields are only a small segment of the contaminated property transaction market that includes the sale of real estate, signing of leases, and mergers and acquisitions that involve the transfer of property impacted by environmental contamination. Historic site pollution creates problems due to strict, joint and several, and retroactive liability imposed by environmental laws. In response to the interest in contaminated properties, the environmental insurance industry has developed a number of products that cap the remediation costs and supplement or in many instances replace indemnity agreements. These insurance products allow buyers, sellers, and remediation contractors to cap remediation costs, provide long-term warranties, manage balance sheet liabilities, and even allow PRPs to walk away from site cleanup and long-term operation and maintenance obligations.
- Research Organization:
- Environmental Risk Management Services, Nashville, TN (US)
- OSTI ID:
- 20006483
- Report Number(s):
- CONF-990608--
- Country of Publication:
- United States
- Language:
- English
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