Brownfield Insurance Program in Ohio Provides Food for Thought in PA
The Ohio EPA recently announced a new program designed to provide lower cost environmental insurance to brownfield developers remediating sites in Ohio's voluntary brownfield program. The news release issued by Ohio EPA states that it has signed a memorandum of understanding with three insurance carriers (ACE Environmental Risk, American Insurance Company and Navigator's Specialty Insurance Company) relating to their offering discounted insurance to applicants taking their sites through the states Voluntary Action Program. The discounts are 10 percent off the typical cost of the premium. Environmental insurance policies can be expensive for brownfield remediation projects, so a discounted policy would provide an additional incentive. I know that PADEP had pursued discussions with insurance carriers about a similar pooling arrangement, but I don't think those discussions came to fruition. There is no information on PADEP's website about any similar insurance program fro Pennsylvania brownfield sites. Now that Ohio has rolled out its program, it would be a good time for PADEP to take a look to see if that program can be adapted to fit Pennsylvania's brownfield program. Maybe the three insurance carriers could be convinced to provide similar discounts to brownfield remediators in the Commonwealth.
