Research & Theory: Insuring Redevelopment at Contaminated Urban Properties  

Oleh:

Wernstedt, Kris ; Meyer, Peter B. ; Yount, Kristen R.

Jenis: Article from Journal - ilmiah internasional
Dalam koleksi: Public Works Management & Policy vol. 8 no. 2 (Okt. 2003), page 85-98.
Topik: brownfield; environmental insurance; liability; remediation; contamination
Fulltext: 85PWM82.pdf (116.46KB)

Isi artikel

Environmental insurance (EI) can facilitate the redevelopment of potentially contaminated sites in distressed urban areas by providing a means to manage the environmental and financial risks at these properties. We draw on a survey and interviews of private brownfield developers to provide information on current EI utilization, factors that affect this, and ways in which public officials can facilitate its use when appropriate. We find that EI appears particularly relevant at sites where high-risk financing capital is used, off-site contaminant migration is likely, institutional controls are prevalent, or when developers lack adequate risk spreading across their project portfolios. Local governments and nonprofit organizations can promote EI use at both private and public properties through information dissemination, direct use of insurance-based risk transfer tools, and financial subsidies to developers for EI use.

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