Abstract |
In the last decade, attention has increasingly focused on the cleanup and reuse of brownfields, i.e., abandoned, idled, or underutilized industrial and commercial facilities where expansion or redevelopment is complicated by real or perceived contamination. Environmental insurance (EI), created to assist in the redevelopment of these sites, has been improved substantially in recent years. To date, however, the insurance products have been used predominately in large-scale, private redevelopment efforts. This report presents knowledge of available insurance products on the part of representatives of state and local brownfields organizations, examines factors that have encouraged or discouraged efforts to explore the utility of the products, and provides recommendations to help government entities determine the potential of EI in promoting brownfields reuse. Telephone conversations with representatives of state and local brownfields programs provided the primary source of information for the study. To assess involvement with insurance on the part of public actors who were experienced with brownfields redevelopment, a focus was placed on cities that had been awarded Environmental Protection Agency (EPA) Brownfields Assessment Demonstration Pilot grants and funding for EPA's Brownfields Cleanup Revolving Loan Program. |