environmental insurance

Rep and Warranty Insurance Becoming More Common in M&A Deals

The use of reps and warranties insurance (RWI) is becoming an increasingly popular risk allocation tool in corporate transactions. According to trade press reports, the volume of RWI doubled from 2011 to 2012, with the value of the insurance bound last year exceeding $4 billion. RWI covers losses related to breaches or inaccuracies in reps […]

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NY Governor Sends Revised BCP Reform Bill to Legislature

Earlier this week, Governor Cuomo sent his sweeping BCP reforms to the State Legislature. Under the state Constitution, the Governor has 30 days to make technical amendments to his budget legislation without involving the legislature. Despite vociferous complaints by brownfield developers, environmental lawyers and affordable housing advocates about the severe curtailments to the categories of projects

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Ct Allows Claim Agst Consultant For Missing Contamination at Lowe’s Site To Proceed

Some time ago, we discussed the $14MM lawsuit filed by Lowe’s Home Centers  against a consultant. Lowe’s alleged  that the consultant failed to identify all areas that had been contaminated with PCBs and the store opening was delayed because of complications associated with the previously unknown PCB-contaminated soil was improperly disposed. The matter eventually settled Another

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CMBS Special Servicer May Pursue Guarantor Despite Environmental Policy

ORIX Capital Markets, LLC v. Cadlerocks Centennial Drive LLC, 2013 U.S. Dist. LEXIS 6081 (D. Mass. 1/15/13) involved a relatively small commercial loan but offers lots of lessons for borrowers, their counsel and environmental consultants. In this case, Salomon Brothers Realty Corp. (Solomon) extended a ten-year loan in the amount of $1.925MM to Cadlerocks Centennial

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NYC Brownfield Grant Program Funding Hits Limit

The NYC Brownfield Program has been a popular tool for moderately contaminated sites because of the streamlined approach that allows sites to complete remediation fairly quickly. Properties that are remediated through the NYC BCP receive a Notice of Completion, which includes New York City liability release, a statement from the NYS Department of Environmental Conservation

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1600 Homes Suffered Oil Spills Following Superstorm Sandy

According to representatives of the New York State Department of Environmental Conservation (NYSDEC), approximately 1600 residential properties suffered oil spills following Superstorm Sandy. Most of the spills were the result of damaged heating oil tanks. More than 3000 oil spills were reported following Sandy for all categories of properties. NYSDEC performed emergency response such as

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Insurance Requirement Allows Voidable Indemnity Clause To Be Enforceable

Can a party be indemnified for its own negligence? In many states, such provisions are void as against public policy. Other some states allow enforcement of indemnification for the indemnitee’s own negligence when the clause expressly references “negligence.” Likewise, many states will enforce indemnities where the indemnified party is strictly liable because of its status

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Assignment of Benefits Does Not Violate Anti-Assignment Clause

An Illinois appeals court ruled that an insurer had a duty to defend a successor  of an insured where the insured made an assignment of benefits pursuant to a asset sales agreement. The assignment of benefits had been made without consent of the insured and the insurance policy had contained an anti-assignment clause.. In Illinois

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