James O’Toole, Jr., Shareholder in Buchanan Ingersoll & Rooney’s Energy Section, was recently quoted in “Battling Cleanup: Smart Strategies Turn Brownfield Sites into Success Stories,” an article about the remediation of brownfield sites, in Commercial Property Executive. The article describes the success record of repurposing such sites, although there are many issues to consider, which can include treating contaminants and meeting relevant regulations and standards, taking preventive measures to reduce risk, being well-capitalized and strongly sponsored, redeveloping properties in ways that economically benefit hard-hit communities and selecting the right consultants.
O’Toole discusses the various insurance policies that can be used by prospective investors and developers to protect themselves from potential liability. As he explains, today’s policies often have a shorter lifespan than in the past.
Because insurance carriers used to write their policies based on the decades that are often required for brownfield remediation, O’Toole says, “Your coverage is probably going to be 10 years out.”
Read the full article - “Battling Cleanup: Smart Strategies Turn Brownfield Sites into Success Stories” (Commercial Property Executive, digital edition, April 2013)