Real Estate NJ: Industry leaders join forces to secure new insurance option for environmental cleanups
Dennis M. Toft, Chair of CSG's Environmental Law Group, was featured in a Real Estate NJ story covering the first-of-its-kind approval he and a team of multidisciplinary professionals sought from the New Jersey Department of Environmental Protection (“NJDEP”) of insurance policy language for use as a financial assurance to secure long-term Operation & Maintenance obligations under remediation permits at contaminated sites.
While long-standing provisions are encoded within State law allowing for insurance as a mechanism to meet financial assurance obligations at remediation sites, NJDEP approval of proposed policy language has historically proven elusive to New Jersey’s property owners and their advisory teams. As such, owners have traditionally placed capital in escrow accounts to be disbursed towards the project over the term of the remediation.
The cross-functional team that secured this unprecedented approval for a shared client, Advance Realty Investors, consisted of Dennis; Christopher Alviggi, NFP Senior Vice President and Environmental Practice Group Leader; and Toby Smith, President with Ironshore Environmental.
To read the full story, please visit Real Estate NJ's website.