Planning Can Reduce Your Company’s Environmental Liability
Have you considered your company’s environmental liability?
The Corporate Finance Institute defines environmental liability as the potential costs a buyer incurs when purchasing or leasing an asset. 1 Specifically when the buyer is assessing the potential risks involved post-acquisition. These costs include damages, fines, penalties, environmental remediation, as well as the appropriate insurance premiums.
A quick Google search will reveal environmental insurance first came into play in the late 70’s after the passage of a number of federal and state laws based on the increase in the public’s concern for the environment. Consequently, cleanup responsibility was placed on the polluters who sought protection under their inadequate general liability policies.
Since that time, environmental litigation cases have increased as well as the awards and settlements involved. According to law firm Beasley Allen, contamination of groundwater holds the promise of future millions in litigation. Their website indicates these types of cases on the rise and the potential earnings are enough to make “Water litigation [the] cornerstone of Beasley Allen’s toxic torts section…” 2 Their firm earned the largest environmental verdict to date for a polychlorinated biphenyl or PBC contamination to the tune of $700 million.
They understand, as do most of us, the public’s physical health correlates to the source of its drinking water. Since more than half of us get our drinking water from underground water sources, 3 research on groundwater contamination will also continue to increase according to Dr. John Devlin, recently appointed editor-in-chief of the Groundwater Monitoring & Remediation magazine. Devlin plans to continue research on man-made polyfluoroalkyl and other related ‘forever’ compounds which are “shaping up to be a major contaminant problem in the near future. 4 The results of this research are likely to also produce even more settlements once the effects of these toxins are discovered.
We can help.
We have assisted many clients by offering Phase I Site Assessments, soil and groundwater investigations, site remediation and Act 2/ Brownfields site closure. In addition, we can help your company comply with current regulations, develop and maintain good housekeeping practices as well as systems for treating contaminated water including groundwater impacted by commercial or industrial activities.
We have successfully aided developers, property owners, and attorneys protect assets and facilitate financing by ensuring that there are no outstanding environmental hazards. In addition to manmade hazards, we have helped numerous clients to investigate and address sinkhole development.
Contact us today at email@example.com or 717-898-3402 to discuss how we can help reduce your company’s liability potential and protect its assets for the future.
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