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Articles | Press Releases | Newsletters | Market Update Environmental Deal Breakers Environmental liability concerns can serve as major deal breakers during commercial real estate sales and transfers. While sellers want freedom from environmental liability issues after the sale, buyers want to avoid the many challenges associated with contaminated properties. For example, a shopping center was recently purchased from an owner who had held the complex for approximately five years. After the transaction was completed, the new owner implemented a property expansion and capital improvement project. During construction, contaminated soil and groundwater were discovered as a remnant from a former dry-cleaning operation. Read more. Insurance is Far More Than a Piece of Paper
Many contractors view insurance as a hefty expense
that’s filed away and forgotten until the broker arrives a year later to
renew the process. Sure, there is a collective sigh of relief that coverage
exists when a claim occurs. But, business owners often think, “I’ve hardly
had any claims in all my years in business. Why don’t I just invest the
money in something that offers a little payback?” Green Building Projects and Environmental Risk
In recent years, green building and sustainable design have gone from a wave of
the future to concepts that have become embedded in our culture.
Although these concepts have proven to provide significant benefits to
our environment, they are not without environmental liability risks.
Jeff Slivka, in his article titled "Green
Building Projects and Environmental Risk,"
which was recently published on
www.irmi.com,
discusses some of the potentially unforeseen risks and provides
real-life examples.
Construction firms should be aware of the potential risks on their
properties and realize that the typical Phase I Site Assessments aren't
always sufficient in determining the liabilities that may exist on the
site. As such, these firms should protect themselves against possible
claims resulting from these unknown exposures. New Day Underwriting
Managers can assist brokers and their insureds in determining what the
appropriate environmental coverages should be that could protect them in
the event of a claim.
Read more
ConstructionBusinessOwner.com - "Professional Liability Insurance Requirements for Construction Projects" With government stimulus money trickling down through the system, numerous civil projects have either started, are in the process of being bid or have entered planning stages. All of these projects will require an array of insurances, from general liability to auto liability coverage by the winning contractors. However, requirements for professional liability insurance are now on the rise in nearly all construction projects even if neither design nor engineering services are involved. That's because insurance specs are often written for the widest possible audience and only occasionally tailored to address individual project aspects. Read More Facilities Manager - "Environmental Liabilities and Sustainability for Educational Institutions" With many of the educational facilities in the United States operating on the same site for more than 100 years, past practices, including the improper disposal of waste material, over this time may have caused adverse soil and groundwater conditions that can create present liability issues. In this article, John Heft examines various risks that educational facilities may face as they refurbish, demolish, and/or reconstruct their facilities on these sites. In addition, he reviews how these risks can be managed with the appropriate insurance coverages including Contractor's Pollution Liability (CPL), Pollution Legal Liability (PLL) and Contractor's Professional Liabilitity. Read More National Underwriter - "Property Transactions Can Prove Toxic If Environmental Exposures Are Dug Up" Historically, potential environmental liability concerns often have been a major deal-breaker in the sale or transfer of real estate. Sellers wanted to be free of environmental liability after the sale, while buyers were extremely reluctant to assume liability for a site that could possibly be contaminated. Read More Chain Storage Age Real estate owners and developers are facing more scrutiny than ever as they acquire, transfer and develop property. They are increasingly turning to environmental insurance to facilitate transactions and mitigate risk. Read more about the options available to help commercial real estate clients manage their environmental liabilities. Read More Risk Management Magazine - "Natural Resource Damages: A Sleeping Giant? " With a host of federal and state laws attempting to seek restoration and compensation for damages to natural resources stemming from routine pollution, Natural Resource Damage (NRD) liability is big news these days. Chemical and petroleum facilities - and any company considering the purchase of another business, merger or loan transaction – must be aware of NRD claims and the risk management techniques available to protect against them. Find out more about this growing risk… read more Pollution Engineering - "Remediation Resource Guide: Designing Environmental Risk Profiles" Pollution Engineering - From manufacturers to contractors, too many businesses spend thousands on environmental insurance policies designed to cover risks that have not properly been assessed. Environmental risk profiles (ERPs) are a critical management tool to help businesses identify exposures, select the most appropriate risk management programs and develop strategies to reduce risk. Find out more about ERPs and why all of your clients should have one... read more Construction & Demolition Recycling -
"Precautionary Measures" Environmental Risk Management - Rough Notes (February 2007) {view}
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