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Cradle-to-Grave Lending Risks Lurk after Natural Disasters
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Environmental risks create balance sheet uncertainty. Risk Strategies’ Environmental team cleans up liability issues with plans that protect your bottom line.
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Whether you have owned, leased or managed locations, acquisitions, divestitures and other types of transactions, environmental risks can surface anywhere at any time. Assessing risk and contingency planning is required for business continuity and financial health.
Without the right exit strategy, regulatory compliance can turn into quicksand. Risk Strategies Environmental Liability experts keep you out of the mire with smarter approaches and protection.
A developer wanted to buy a site that had been dormant for over 20 years. Unfortunately, it had lingering groundwater and soil issues. To get project funding, the developer needed to obtain regulatory closure for the known conditions.
Risk Strategies’ Environmental team suggested a unique solution: apply deed restrictions on the problematic areas and modify the development plan to use the building as part of the remedy for cleanup.
One solution would be to use parking lots instead of underground garages. So the soil wouldn't have to be removed, and it would cap the soil in place. After securing “substantial completion” from the contractors, Risk Strategies negotiated with the insurance carrier to meet regulatory closure on soil issues, paving the way for the developer to secure project funding.
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A born problem solver, Joe has over 35 years of environmental and liability insurance experience, much of it solving complex challenges for Fortune 100 Companies. Prior to Risk Strategies, he was Northeast Environmental Practice Leader and Senior Vice President at Marsh & McLennan Companies, a Vice President at Aon Risk Services and a Casualty Underwriter at Sentry Insurance.
