Latest Trends in Brownfield Redevelopment
Recently, Great American Environmental presented an interactive webinar to CCLR’s New York State Municipalities Group and had the opportunity to participate in BCONE’s Heard It Through The Grapevine: Trends in Redevelopment webinar as a Magnum Sponsor. Both industry-focused events provided insight on the latest trends and intricacies of brownfield redevelopment.
Redevelopment projects can be tricky! Especially when the project is associated with the redevelopment of a brownfield site. As a redevelopment project unfolds, there is a likely chance to uncover environmental risks and additional contaminants related to the site’s previous operations.
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Potential Environmental Exposures |
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Contaminants or releases that pose residual risks to humans and the environment
One of the latest factors contributing to the increase in brownfield redevelopment is the heightened importance of Environmental, Social and Government, or ESG, considerations within large businesses. ESG pertains corporations managing their environmental, social and governance impacts and how their actions in these areas affect the greater, local population. Many organizations are taking forceful action in conversion or closure of business activities that contribute to environmental pollution. As part of this plan, when companies look to expand, they often seek out brownfields as a way to contribute to not only their ESG plan, but the community through creation of new jobs, increased property values and conserved land.
Environmental risks that are often unknown and may require costly remediation
As brownfield redevelopment continues to increase, so will the discovery and management of unknown environmental site conditions. As a result, we are seeing a new trend towards sellers making environmental insurance mandatory, rather than discretionary as we have seen in the past.
Ongoing weather and business interruptions
Natural disasters and weather events have the potential to impact nearly every business. When a severe weather event impacts a populated area, risks for a release of contamination are heightened. Why is this important during a brownfield redevelopment project? Not only do weather events cause delays in redevelopment projects, they also have the potential to uncover or create additional, and often costly, remediation projects.
Our team was honored to contribute to such educational virtual events. We look forward to additional opportunities to share our knowledge with the environmental community!
Want to learn more about the potential risks involved in Brownfield Redevelopment? Subscribe to our Brownfield Redevelopment Riskopolis series!
Eric McCabe, Divisional Vice President
Great American Environmental Division
Eric serves as Divisional Vice President and National Underwriting Director for Great American’s Environmental Division. Along with his extensive experience in the insurance field, Eric holds his J.D. and previously worked as an environmental chemist. He is based out of the New York, NY office.
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Paul Scian, Senior Loss Consultant, Technical Support
Great American Environmental Division
Paul is a Risk Analyst with Great American’s Environmental Division. He brings over 30 years of environmental and insurance consulting experience to Great American. Paul’s background includes hydrogeology and finance degrees with extensive experience in greenfield, water supply development and brownfield redevelopment. He provides technical support and training to our underwriters and is based out of the New York, NY office.