Fixed Price Cleanups As Useful Tools To Eliminate Risks In
Brownfields Redevelopment
Author(s)
R. Greenberg & D. Cervino
Abstract
Fixed price cleanups as useful tools to eliminate risks in brownfields redevelopment
R. Greenberg & D. Cervino
Environmental Waste Management Associates, LLC, Parsippany, New Jersey, USA
Abstract
Stringent environmental regulations that impose significant and costly requirements for the cleanup of contamination from historical operations previously created an atmosphere where developers, inventors and lenders are hesitant to involve themselves with environmentally impaired Brownfields properties. Traditional risk shifting mechanisms such as contractual indemnity and escrow provisions are being replaced or supplemented by new innovative environmental liability and Brownfields restoration insurance products. Environmental cleanup cost cap and pollution liability policies can protect developers, sellers, investors and lenders from third party claims, costs associated with addressing areas of unknown contamination discovered after closing and during development, legal defense costs, as well as cleanup costs that exceed a guaranteed cost estimate. Environmental Waste Management Associates, LLC (EWMA) has pioneered a fixed-price cleanup program known as SECUR-ITSM, backed by a combination cleanup cost cap and pollution liability insurance policy. The program is used by developers to effectively eliminate the environmental risks and unexpected cost of developing Brownfields because the insurance policy covers all risks both known and
Keywords
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