Environmental Insurance: Paper Worth MillionsNovember 10, 2021 – Article
Environmental Counsel, Sedina Banks, authored "Environmental Insurance: Paper Worth Millions" in the November 2021 issue of Nevada Lawyer. In the article, Sedina discusses the potential sources of environmental liability and the importance of understanding the scope of it to minimize risk, especially with environmentally impacted properties. Environmental insurance is one of the tools that can be used to mitigate risk and liability for existing and future issues at impacted properties.
Your client calls frantic because he has just been served with a lawsuit from an adjacent property owner who claims that the historic dry-cleaning operations on your client’s property have contaminated the groundwater. The complaint seeks millions of dollars for cleanup costs. Another client calls. She wants to purchase a commercial property for redevelopment into residential units but is concerned about potential future environmental liability. Both have sought advice on how to address these concerns. Fortunately, the same answer may be the solution for both— insurance.