Environmental Liability Transfer
Complete Removal of Environmental Liability through Environmental Liability Transfer (ELT)
WESTON specializes in taking on risks from remediation,
regulatory uncertainty, and redevelopment to completely remove
environmental liability and allow property sale, in as little as
7 months from negotiation to closure. Our ELT services include
accepting responsibility for known and unknown site contamination,
and our work ends when No Further Action (NFA) letters are issued
or the insurance term expires, whichever is later. Typically, we
can save out-of-pocket costs for our clients by incorporating remaining
investigation into remediation.
Typically, we can save out-of-pocket costs for our clients by incorporating remaining investigation into remediation. At the future Skillman
Village site in Montgomery Township, NJ, WESTON identified ways to reduce the original estimated cost by over $3 million, and reduced that amount—in full—from the contract.
||WESTON assumed complete environmental liability for the site, executing a no-exclusion transfer directly to Weston Solutions, Inc., not a limited liability company. This 256-acre property served as a state-run residential hospital until 1992. There are approximately 100 structures in various conditions on the parcel. Read on...
We purchase properties outright or through a jointly held entity comprising WESTON, a public partner, and an equity or developer partner. We can also identify a specific end-user and/or developer to participate at an early stage.
Business Park (Massachusetts) is a 56-acre site with environmental impairments that made it difficult for the owner to sell. WESTON purchased the property to remediate the contamination, assumed all of the environmental liability, and redeveloped the property to its highest and best use. Read on...
Our process involves risk quantification—evaluating
long-term O&M, risk-based remedial alternatives, regulatory, political,
and public sensitivities, and legal implications, both natural
resource damages (NRDs) and toxic tort. Peer review is also performed
to evaluate technical efficiency, likelihood of regulatory approval,
and insurability, which eliminates additional contingencies and
minimizes program cost and risk.
Our 50-year history and financial strength, plus competed finite insurance programs, trusts and bonds, and gap analyses performed by third-party legal or broker claims consultants protect our clients.
Our ELT services resolve enforcement actions, litigations, and third-party claims, stem investigation expenses, provide remediation work at a guaranteed cost, and enhance facility and property value.
Benefits of WESTON’s ELT Services:
Maximized savings and quicker return to productive use through integrated remediation and redevelopment.
Future liability protection through innovative risk management strategies.
Market-based insurance pricing and coverage through competing insurance.
Enhanced property value.