Like brownfield properties themselves, historic insurance policies are often an asset in disguise. Once identified, however, they are a potent source of funding for brownfield redevelopment projects. Brownfield redevelopers are becoming familiar with new insurance products to protect against potential project risks such as cost overruns, new hot spots, or the risk of remedy failure. Many developers do not, however, realize that insurance policies that were in effect decades ago can be current-day sources of millions of dollars for cleanup costs.

Virtually every owner or operator of a business that caused environmental damage at a brownfield site purchased policies to insure their operations. Every developer should reconstruct and capitalize on this frequently overlooked asset. Other stakeholders, such as municipalities, can also reap the benefits of historic insurance claims recoveries. ...

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