Addressing Environmental Risk
In 2009, NPCR continued to track opportunities for and obstacles to obtaining environmental insurance to control risks that arise on brownfields sites being redeveloped for community- supported, profit-capped end uses. In the context of implementing the recommendations made in the November 2008 report, NPCR worked on incorporating funds for insurance into the Proposed Clean Water, Clean Air and Green Jobs Bond Act of 2009 (the Bond Act). Also in 2009, NPCR, in concert with Howard Tollin of AON, conducted a series of interviews to determine whether the market for environmental insurance had changed as a result of the housing market collapse.
Due in part to the commitment in Mayor Bloomberg’s PlaNYC to provide resources to make insurance more available to advance brownfield projects, NPCR embarked on an assessment of the environmental insurance market for NYC brownfield sites. Between December 2007 and May 2008, NPCR interviewed a broad range of stakeholders, including environmental insurance carriers and brokers, lenders, developers and consultants and reviewed a number of reports on the environmental insurance industry. Information was collected on current practices and uses of insurance. NPCR focused on cost cap coverage and pollution liability and solicited input on how to most effectively address the gap in coverage for NYC brownfield sites
Using Public Dollars for Brownfield Site Assessment, June 2009 (MS Word)
A key recommendation that emerged from “Addressing the Risk: Making Environmental Insurance Available for Brownfield Sites in New York City” was the need to secure additional resources for site assessments. Following up on that recommendation, NPCR prepared a Draft White Paper entitled "Using Public Dollars for Brownfield Site Assessment" that focuses on the different federal and New York State funds available for site assessment and the accessibility of those funds for redeveloping brownfields properties. The paper remains in draft form and comments, suggestions and reactions are invited.
©2009 New Partners for Community Revitalization
11 Penn Plaza, 5th Floor, New York, NY 10001
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