Lawyer: Environmental insurance is key in redeveloping brownfields

11/13/2012 | Multi-Housing News

Redeveloping brownfields for multifamily housing poses challenges, but developers who perform due diligence can make the most of opportunities while guarding themselves against liability, experts say. "Satisfying [Environmental Protection Agency] standards meets the underwriting criteria for major insurance carriers, so acquiring coverage is rarely a problem," said real estate lawyer Fernando Villa. "Insurance is strongly advisable to protect against third-party claims from tenants, construction contractors or adjacent property owners."

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