NAESIP and Terradex Introduce Brownfield Loss Control Services
Owners and developers of brownfield properties need assurance that they will meet their obligations to maintain institutional and engineering controls (IC/ECs) over known contamination left in place. These “continuing obligations” often last in perpetuity. Terradex can provide that assurance. Our exclusive loss control services support NAESIP’s Site Pollution Liability (SPL) coverage for owners and developers of brownfield properties subject to IC/ECs. Combining Terradex loss control with NAESIP risk financing services can result in surprisingly low premiums by reducing the costs of underwriting and the likelihood of a claim.
Terradex embraces that the value of its LandWatch services as a loss control service for SPL coverage can be validated in the marketplace. The value can be measured in economic terms through premium reduction, or measured by additional comfort for sellers and buyers of brownfields as claim occurrence is reduced and compliance satisfied. Please download an overview of Terradex’s Brownfield Loss Control Services.
The NAESIP Insurance Offering.
The following products and policies are tailored and negotiated to fit the specific risks and liabilities in any transaction by expert coverage lawyers. Only policies negotiated by coverage experts can be relied upon to withstand challenge in coverage litigation.
- Site Pollution Liability, includes liability coverage for scheduled Affirmative Obligations based on Best Practices including continuous Land Activity Monitoring. Also has coverage for Loss Control Expenses throughout long term policy period. Terms up to 10 years with renewal provisions. In the appropriate circumstance can provide financial assurance where that is needed for property remediation.
- Project Specific CPL/CGL/Professional Liability coverage, available on an Owner Controlled Basis. Shared limits with the SPL policy are available,
- Lender Liability Insurance. Protects financial institution from collateral loss value and third party liability, and
- Alternative Risk Transfer (ART) products include Structured Settlements, Exit Strategies, Guaranteed Fixed Price Remediation Contracts.
Terradex Loss Control Service.
Loss control limits the exposure to the insurance carrier and insured parties by controlling the occurrence of events that might result in a Site Pollution Liability (SPL) claim. Terradex loss control service bundled with SPL insurance can permit insurers to cover IC/EC liabilities, which are usually excluded from SPL policies. These controls are a common remedy component at a brownfield property.
Loss control services assists the insured to comply with continuing obligations associated with Superfund Limited Liability Protections (LLPs) and parallels state regulatory obligations associated with an IC or EC.
Terradex brings a loss control program to support SPL protections for brownfield properties. The core offering are applied as site conditions dictate.
- Land Activity Monitoring. Terradex spots future land activity events that may breach an IC or EC. Terradex continuously monitors incoming land-activity data from third party and government sources. Like a smoke alarm, Terradex alerts when prospective land activities exceed criteria set by the underwriter. Land activities monitored include excavation clearances for protecting ECs, or sensitive use licensing to maintain an IC.
- Affirmative Obligations. Terradex LandWatch organizes and alerts to pending affirmative obligations. LandWatch logs and documents as obligations are fulfilled. Terradex can manage one-time, recurring and contingent obligations. Terradex would not fulfill the obligation, but can alert various designated parties, as an obligation might not be completed as scheduled.
Ten-Year Term with Predictable Fees.
Terradex services are bundled with and procured through the NAESIP SPL offering. The Loss Control Service provides on-going loss control and claims prevention throughout the policy period. Inspection services can allow NAESIP to provide low premiums by reducing the costs of underwriting and on-going loss control eliminates to the extent possible the likelihood of an SPL claim.
Terradex provides up to a ten-years service term with a predictable fee schedule. Fees are dependent upon site conditions and location. The configuration of our loss control service offerings occurs during the underwriting process, and the fee is included within the quote for SPL provided by NAESIP.
Terradex contracts local qualified environmental professionals or the incumbent environmental professional to perform site-level certification and inspection services. Terradex supplies any remote monitoring transmitter to be installed and activated by the insured or by Terradex.
The National Alliance of Environmental Specialists Insurance Program (NAESIP) was developed in conjunction with environmental consultants and contractors. NAESIP provides a full range of insurance administration, claims management, and risk control services.