In a recent blog post I discussed how a comprehensive Phase I Environmental Site Assessment (ESA) and the Bona Fide Prospective Purchaser (BFPP) liability protection can help to protect you from acquisition environmental risk. Today I’ll look at Environmental Insurance, and how it can help cover the cost of remediation if an environmental hazard is found at your site.
Prior to the mid-1970s General Liability Insurance, the most common type of commercial risk insurance, made no mention of environmental damages. Then in the wake of the environmental movement and numerous regulations, insurers began to write environmental exclusions into the General Liability Policies, which led to the emergence of a new tool to manage environmental risk: environmental insurance.
Regulations Creating Liability
In 1972 the Clean Water Act was established. This law established the goals of eliminating releases of high amounts of toxic substances into water by 1985.
Two years earlier, Congress passed amendments that strengthened the scope of the 1967 Air Quality Act with new regulations such as national air quality standards and statutory deadlines for compliance.
Continue reading the GlobeSt blog here.
April 15, 2025
In this edition of Affordable Housing Updates, we tackle the funding issues that are arising due to changes in federal spending, how to optimize the green building process as the green certification world changes, and offer two project profiles that showcase how Partner may help you with your next project. Last but not least, learn about Partner's SiteLynx client portal, an intuitive platform for report ordering, delivery, and analysis.
April 10, 2025
The WAIRE Program is one of many steps California is taking to address air quality and emissions within the commercial real estate sector. For warehouse operators, compliance with this program is essential, not just to avoid penalties but to align with broader trends in sustainability and regulatory compliance.
April 10, 2025
Partner Engineering and Science, Inc. is pleased to announce the appointment of Alex Greear as Relationship Manager, bringing over five years of specialized due diligence expertise to expand our client service capabilities.
