Source: Sirius Group “In-Box”, February 11, 2021

An environmental policy was needed to insure both the buyer and seller of a contaminated site that had historically been used as an oil-based power plant. The site was slated for redevelopment by the buyer into two (2) logistics warehousing facilities. Redevelopment activities were to include demolition, decommissioning and abatement of all former plant structures, along with a concurrent investigation and remediation to achieve closure under the Resource Conservation and Recovery Act. As both buyer and seller would be named on the policy, there were many parties, attorneys and broker groups involved in the negotiations for insurance. Sirius successfully navigated the various parties and their interests, providing deal specific manuscripted language that met the needs of all the parties by providing a ten (10) year term with $10MM/$10MM limits that afforded coverage for pre-existing environmental conditions, redevelopment, and future site use coverage.