All too often, older industrial and commercial properties in Marion County remain vacant or underutilized due to real or perceived environmental contamination. These properties are known as brownfields and many of these sites represent prime opportunities for redevelopment. An innovative and effective tool for remediating brownfield sites is insurance cost recovery. Insurance cost recovery uses the former insurance policies that were in place when the pollution occurred at a site to pay for the site’s cleanup costs. The insurers have been found liable for such remediation even in cases where the policies were decades old.
The Local Initiatives Support Corporation (LISC) partnered with the Reconnecting to Our Waterways initiative, the City of Indianapolis, Plews Shadley Racher & Braun LLP, and First American Title to promote insurance cost recovery as a tool for brownfield remediation. To access the information about brownfield redevelopment, click here.