Lincoln Chafee: “This provision is intended only to clarify that a person performing…”

On the recordApril 25, 2001

This provision is intended only to clarify that a person performing the characterization, assessment, or cleanup can use federal assistance to purchase environmental insurance such as cost-cap insurance, which is one of the most frequently used policies at brownfield sites. Such a policy would cover the costs of cleanup if the actual costs exceeded estimated costs. It is my understanding that this clarifies EPA's current practice. This protection can give a developer the necessary comfort to invest in a site. In addition, the purchase of such environmental insurance with federal assistance is not intended to be a significant portion of the overall assessment, characterization, or cleanup costs at a site. The Senator from Nevada also is correct regarding the purpose of these policies: no portion of the funding under this bill would be available for other types of insurance.

Said by

Lincoln Chafee

Rhode Island

Source

govinfo.gov

Editor's note · Context

Discussing provisions related to environmental insurance in cleanup efforts during Senate debate.

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Lincoln Chafee: “This provision is intended only to clarify that a person performing the characterization, assessment, or cleanup can use…”

Editor's note · Context