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NEWS
New Pamphlet from IBP
December 31, 2008

All-Appropriate Inquiries and Environmental Site Assessments: A Message to Clients is now available without charge at the website of the Institute of Brownfield Professionals (IBP).

The pamphlet begins with a frightening description of the severe environmental risks many property owners and purchasers face: “Imagine purchasing a site for $500,000, only to learn later, during construction, that it’s contaminated. That you are legally obligated to clean it up before work may continue. That the unanticipated cost will be $2 million. Or more. The risks are real. You cannot eliminate them, but you can manage them… by relying on qualified professionals to perform a study that comprises what the U.S. Environmental Protection Agency (EPA) terms an ‘all-appropriate inquiry.’”

“Do not overestimate the risk management value of a Phase I ESA,” the new pamphlet warns. It also advises that clients should “not presume that environmental professionals’ professional liability insurance (PLI) will protect you…[or that] a lender’s site-specific insurance policy (sometimes referred to as a ‘bank-portfolio policy’) protects you or makes an AAI unnecessary.”


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