Source: https://www.greatamericaninsurancegroup.com/

A restaurant owner purchased a property that seemed suitable for redevelopment. Prior to their purchase, the owner went through proper due diligence and conducted a Phase I site assessment. The Phase I did not note any known contamination onsite, but as the company began construction, they discovered petroleum contamination from an unknown heating oil tank. As a result, construction halted, and the company had to incur remediation expense. Read more.