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Wisconsin Lawyer
Vol. 80, No. 7, July 2007
DNR Resources Help to Clean Up Contaminated Real Estate
I was pleased to read Art Harrington's informative article "Environmental Insurance: A Business Lawyer's Guide" in the May Wisconsin Lawyer. As the article described, there is a growing interest in the cleanup and redevelopment of contaminated real estate. As Mr. Harrington pointed out, despite years of environmental cleanup and redevelopment, thousands of brownfields still remain, hindering property reuse and redevelopment.
As Mr. Harrington noted, one of the biggest obstacles lawyers face in brownfield transactions is the uncertain risks associated with such transactions, and determining how to balance that risk among various parties. The insurance products described in the article have been effectively used on many projects in Wisconsin, with the end result being the successful redevelopment of many contaminated industrial properties.
The Wisconsin Department of Natural Resources (DNR) Remediation and Redevelopment Program has several tools and resources available to assist businesses, local governments, and others with cleanup and redevelopment projects. In addition to oversight of environmental cleanup, the Remediation and Redevelopment Program offers liability protections, assurance letters, and financial assistance to help control the uncertainty associated with contaminated real estate.
In addition to these tools, the DNR recently developed a new program to provide environmental insurance to Wisconsin projects. The Wisconsin Brownfields Insurance Program (WBIP) is offered as an option for brownfield projects not being served by the traditional insurance market. Any party can use the WBIP by working with their insurance broker. WBIP's advantages include lower-cost premiums, prenegotiated policy terms to meet the needs of most Wisconsin brownfield transactions, time savings to negotiate policy terms, and a streamlined underwriting process.
The WBIP was created with assistance from experienced brownfields professionals to help control risk and to offer another tool to help businesses and local governments manage their environmental obligations. Please check out the DNR Web site for more information on WBIP and other tools and resources: http://dnr.wi.gov/org/aw/rr/rbrownfields/index.htm.
Darsi Foss, Remediation and Redevelopment Program
Wisconsin Department of Natural Resources
Wisconsin Lawyer
