AIG Environmental: Bringing Brownfields Back to Life for Communities Nationwide. (Corporate Profile)

Article excerpt

With over two decades of experience in environmental insurance, AIG Environmental[R] creates programs designed to reduce the repercussions of unexpected circumstances. AIG Environmental(r) provides coverage backed by the financial strength of the member companies of American International Group, Inc.

Brownfields are a high priority issue affecting communities of all shapes and sizes today. The combined economic, social, and environmental results from redeveloped brownfields can significantly improve the quality of life for citizens and their community.

Addressing the Risks

One important strategy includes ways to gain developers' and lenders' confidence about liability and contamination issues. Environmental insurance, available in a number of forms and packages, can offer assurance to the public and private sectors that redevelopment costs can be managed, while cleaning properties to improve public health and the environment.

Without ever losing sight of preserving human health, brownfields can provide an important boost to local communities and their economies. New tax revenue, new jobs and new investment capital allows local governments and developers alike to share in the success.

BUILD[sm] for Local Governments

The new Federal brownfields legislation offers a number of new tools for redevelopment. Among them is the ability to use federal funding to purchase environmental Insurance. AIG Environmental[R]'s. BUILD[sm] program is designed to help communities do just that.

In an effort to support brownfields redevelopment, AIG Environmental[R] offers more assurance with a program called BUILD[sm] --Brownfields: Utilizing Insurance for Land Development. …