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Environmental Insurance: A Useful Tool to Facilitate Brownfields Redevelopment

Published online by Cambridge University Press:  19 August 2005

N. Abelson
Affiliation:
Goulston & Storrs
J. Pearlson
Affiliation:
Goulston & Storrs
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Extract

Often the most significant impediment to the redevelopment of a brownfield is the difficulty in quantifying and limiting environmental risk. Prospective purchasers/redevelopers, potential tenants, and financing sources all focus on environmental issues that, by their nature, can turn an otherwise viable project into a quagmire. In addition, owners of potentially contaminated properties are often reluctant to market them for sale in light of the risk that a buyer will uncover environmental issues during due diligence. As a result, potentially valuable real estate assets remain mothballed and idle.

Type
NEWS & INFORMATION
Copyright
© 2003 National Association for Environmental Professionals

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