by Amy Stidworthy, Communications Manager, WCD Group, LLC
On October 18, 2017, BCONE (the Brownfields Coalition of the Northeast) proudly hosted an informative and insightful presentation on the evolving role environmental insurance is playing in reducing the uncertainties and risk associated with brownfield redevelopment projects. Thanks to our sponsors for the entire event, WCD Group, LLC and Advance Realty. Both groups presented an update on the dynamic environmental insurance market and how insurance is being effectively utilized in brownfield transactions, risk transfer and mitigation, and site remediation.
The all-star panel included speakers from Great American Insurance Company, Beazley Insurance, AON Risk Solutions, WCD Group, Advance Realty, and Sills Cummis & Gross PC. This blend of environmental insurance underwriters, brokers, developers, consultants, and attorneys provided different perspectives on why transacting parties need to take advantage of environmental insurance and how it can be a valuable asset throughout the transaction and the life of the property.
The presentation and networking cocktail event for 100+ attendees, held at the New Jersey Center of Excellence in Bridgewater, also included a discussion on the various types of environmental insurance policies available today, each playing a different role offering complementary coverages at different stages of the transaction and redevelopment process.
On asking why he wanted to put this presentation together, Chip D’Angelo, President of WCD and moderator for the session commented, “Developers and their financial partners are always concerned with the environmental risk in a deal. While environmental insurance has always been a tool, the market is expanding and changing and includes the emergence of new and creative forms of environmental insurance products.”
The lively panel discussions included considerable audience participation, with members of the audience asking specific site issue questions, as well as sharing their professional experiences of how environmental insurance can be used as a tool to help promote the redevelopment of at-risk sites.
One audience participant commented that risk quantification is something that is required and often demanded by lending institutions as a condition for investment. It is the basis for understanding the deal and obtaining insurance. All concluded that environmental insurance can be used in facilitating the real estate transaction, bridging the gap between the seller and the buyer.
BCONE encourages other companies that provide tools, products and services for brownfield remediation, revitalization and redevelopment projects to reach out to us at firstname.lastname@example.org if BCONE can assist you in hosting other informative programs. The WCD Group/Advance Realty model is a great one to follow!
Photos from the Event