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Remedies against Known Environmental Conditions

The insurance industry is most often seen as the safeguard against unexpected risks. However, the environmental insurance market is often challenged to help clients address potential liability arising from expected or “known” clean up costs. Based upon loss development associated with some of these “known” issues, many carriers have revised underwriting guidelines over the last few years and this has lead some to question; How has this impacted the ability of property owners and redevelopers of contaminated properties to manage the risks associated with Brownfield redevelopment? Underwriters will often classify the exposures associated with a known condition as being an “unknown known” vs. a “known known.” An ‘unknown known’ is the potential for liability arising from the existence of a known environmental condition for which current legal responsibility has not been established or identified. For example this could be a regulatory reopener risk associated with known environmental conditions that have…Log In to Read Full Article

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