Environmental Companies working with Brownfields Turn to Legends for their Insurance Needs
Legends Environmental Insurance Services provides insurance coverage for environmental professionals and contractors dealing with Brownfields.
Most Brownfields exist in industrial areas of cities and towns. These often include locations with abandoned factories and commercial buildings, or other previously polluting operations. Brownfields are even sometimes found in older residential neighborhoods.
According the Environmental Protection Agency, “Brownfields are real property, the expansion, redevelopment, or reuse of which may be complicated by the presence or potential presence of a hazardous substance, pollutant, or contaminant. Cleaning up and reinvesting in these properties protects the environment, reduces blight, and takes development pressures off green spaces and working lands.”
Companies that work to bring these contaminated properties back to productive use require special environmental insurance coverage. Legends Environmental Insurance Services offers insurance programs for Brownfields, including Environmental Contract Insurance (ECI). ECI provides a critical risk management tool for investors, current owners, regional development authorities and secured lenders. The ECI program gives budgetary control back to the project owner by providing a guarantee of the cost of remediation. The ECI program also provides a select group of consultants and contractors the opportunity to propose a fixed price contract that is supported by an insurance company.
“A unique feature of ECI is the use of a pre-approved reimbursement schedule once coverage is triggered,” reported Bill Lohman of Legends. “The reimbursement schedule functions as a built-in SIR (Self-Insured Retention) thus ensuring that neither the site owner nor remediation contractor has to fully fund a cleanup cost overrun. Other remediation insurance products contain a traditional SIR stop-loss attachment point exceeding a percentage of the cleanup cost estimate that the owner must fully fund.”
To learn more about insurance for Brownfields or Legends Environmental Insurance Services, please visit: http://www.Legends-enviro.com, call (800) 992-6999 or email BrianM@Legends-enviro.com or Bill@Legends-enviro.com .
About Legends Environmental Insurance Services, LLC
Legends Environmental Insurance Services is nationally recognized as an innovator in providing environmental and restoration insurance programs. The company has over 40 years experience and provide their services in all 50 states and Canada.
- Contact Information
- Paul Cochrane
- Cochrane & Associates, LLC
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