Abstract
ABSTRACTDuring the 1990's and early 2000's, guaranteed fixed price remediation (GFPR)/Cost Cap insurance contracts offered by national environmental engineering firms and supplemented with environmental cost cap insurance policies offered by the major insurance providers was in its heyday. Engineering and insurance firms formed alliances that secured hundreds of millions of dollars in GFPR/Cost Cap contracts that enabled owners of legacy industrial properties and developers to define and secure the fixed dollar amounts for remediation of known environmental conditions at their properties enabling more accurate estimations of return on investment and facilitating real estate transactions. However, the impact of the “Great Recession”, dollar losses due to unforeseen site conditions, convoluted project management and regulatory factors caused firms providing these services to exit the marketplace. The demand for environmental risk transfers has not diminished and continue afford many benefits to the environment and to a growing local and national economy.
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