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Techno Bits/Technical Bulletins SITE ASSESSMENT AND REMEDIATION - CURRENT State-subsidized Environmental Insurance Available in Massachusetts Massachusetts has recently secured AAA-rated insurance coverage for cleanup cost overruns and newly identified pre-existing environmental contamination at urban redevelopment sites. The Massachusetts-sponsored insurance program provides pre-negotiated state-of-the-art coverage subsidized by the state. Known as the Brownfields Redevelopment Access to Capital (BRAC) program, this state initiative helps alleviate the financial risks faced by developers of delinquent commercial/industrial properties that qualify as brownfields sites. BRAC also offers a lender indemnification provision against loss due to an environmentally related default. For more information, give us a call.
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