Cut price insurance to boost brownfield clean up
Private insurance companies are to offer cut price insurance deals as an incentive for people to clean up contaminated land in Ohio.
The state’s Environmental Protection Agency (EPA) has brokered a deal with three insurance companies prepared to offer discounted insurance deals to those voluntarily cleaning up brownfield land.
Those eligible under the new Voluntary Action Programme Environmental Insurance Programme include developers, property owners and financers.
Three insurance carriers have signed a memorandum of understanding with the Ohio EPA to offer the discounted insurance.
They include ACE Environmental Risk, Great American Insurance Company and Navigator s Specialty Insurance Company.
Under the agreement policies will be offered at 10 percent off the typical cost of the premium, the EPA says.
Brownfield land is defined as “abandoned, idled or underused industrial and commercial properties where expansion or redevelopment is complicated by real or perceived environmental contamination”.
It not only includes former industrial sites but also commercial buildings with little or no environmental contamination, old service stations, warehouses and abandoned railways and airfields.
Insurance cuts the risk for would be sellers and buyers of brownfield sites.
It can help a property owner who would like to sell but fears potential liability for any contamination found after the sale.
And, it reduces the potential liability for a prospective buyer for the clean up or for personal injury and property damage claims.
It also cuts the risk of potential liability for clean up contractors.
For more about the Ohio scheme visit the following link
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