An Update on the State of the Environmental Insurance MarketFew would argue that environmental insurance has evolved to become a widely used and effective tool for managing risk and uncertainty related to the transfer, remediation and redevelopment of Brownfield projects. However, like the broader worldwide property and casualty insurance market, of which it is a small segment, environmental insurance — and the insurers offering it — has seen some significant changes in the last two to three years. Photo courtesy of www.linkedin.com The insurers that have been around since the beginning of the market for this coverage continue to serve the needs of the brownfields industry. The three industry leaders — AIG Environmental, XL Environmental, and Zurich North American — have not retracted from offering environmental insurance for brownfield projects. However, there are some changes afoot in the industry, brought about largely by developments in the worldwide reinsurance markets subsequent to the tragic attacks of September 11, 2001. The…Log In to Read Full Article
RACER Trust’s Proving Ground Stimulates Efficiency
Judge Robert Gerber, sitting in the U.S. Bankruptcy Court for the Southern District of New York, signed an order in effect creating RACER Trust in March 2011. RACER — for Revitalizing Auto Communities Environmental Response — was handed a portfolio of more than 300 properties scattered over 89 locations in… Read more
Water, Water Everywhere?
While in the following pages I will recount a number of serious localized water shortages, I can tell you at the outset, this will not be another gloom-and-doom scenario to which you are treated daily in your local and national news sources. Now, in my 54th year of professional effort… Read more