Michigan has created a huge opportunity for insurance agents as it relates to Brownfields.
As of January 2008 Michigan now allows Environmental Liability insurance to qualify as an eligible activity for reimbursement.
Why would any Michigan Brownfield not have environmental insurance on it if the cost will be reimbursed to the owner/developer?
For agents outside of Michigan find out if your state allows this. Back in the mid 1990’s Michigan created the Baseline Environmental Assessment (BEA) that is now accepted I believe country wide as a way to delineate new from old pollution conditions and identify liable parties.
Allowing environmental insurance to be a reimbursable activity makes way to much sense and I believe it will not be long and this will be a country wide practice.
Environmental Risk Managers has been involved with hundreds of Brownfield projects across the country and they can generate premiums in the seven figures. We have proven Brownfield strategies that will allow your agency to capitalize on this great opportunity.