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Environmental Insurance: A Useful Tool to Facilitate Brownfields Redevelopment
Published online by Cambridge University Press: 19 August 2005
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.
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- © 2003 National Association for Environmental Professionals
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