ECS Covers Risks for Orlando Naval Training Center Work
The former Orlando Naval Training Center (NTC) and all those involved in its redevelopment are breathing easier about concerns over any environmental liability associated with the 1,100 acre site with the help of a comprehensive environmental insurance program.
The insurance program was specifically designed for the site by N/A, and one of the nation's leading providers of environmental insurance.
The policy will protect the site's developer, Orlando NTC Partners, a joint venture, the City of Orlando, and any future owner of the property from potential environmental and financial liability during and following the redevelopment of the property. The policy provides coverage for unknown contamination should it be discovered following the U.S. Navy's completion of remediation on the property.
Additionally, if environmental regulations or cleanup standards change, the site is covered against any additional remediation costs that might be incurred in order to bring the site into compliance with newly established standards.
In addition to the Orlando NTC, ECS has created customized insurance programs for Lowry Air Force Base in Denver, CO; Kelly Air Force Base in San Antonio, TX; the Naval Ship Yard in Philadelphia, PA; Fort Sheridan in Highland Park, IL; the David Taylor Research Center in Annapolis, MD; Watertown Arsenal in Watertown, MA; the Glenview Naval Air Station in Glenview, IL; and others.
``The questions posed before taking part in redevelopment activities are 'Why take the risk?','' according to Bruce Amos, a managing underwriter at ECS Underwriting. ``With insurance policies available to help transfer the risk of property redevelopment, most businesses interested in these opportunities don't have to take on the risk.
``Advances in overall risk management strategies are clearly opening the doors of opportunity for military bases, and for the agencies charged with turning redevelopment dreams into realities,'' Amos noted.
For Orlando, the redevelopment dreams include a ``Town Center,'' including a medical center, shopping, residential housing and eventually, an elementary school. Another phase of the redevelopment will include major improvements to an existing golf course to bring it up to professional standards and the development of several public recreation areas.
Amos added, ``The type of site redevelopment taking place at Orlando, in which the City of Orlando is privatizing the reuse of the site, provides an excellent example of the best in public-private partnerships.''
``The situation at Orlando Naval Training Center is a perfect example of how a custom-designed, reasonably-priced product can provide the comprehensive coverage necessary to encourage the creation of new jobs, new tax revenues and positive redevelopment,'' according to ECS Vice President for Government Affairs Bob Hallenbeck.
``Insurance programs like the one covering the Orlando NTC redevelopment offer several advantages,'' said Hallenbeck, ``Insurance offers protection to all involved in the redevelopment. Additionally, it offers a guarantee that if an environmental incident was to occur or additional contamination was discovered, the situation would be resolved quickly because of the financial cushion that insurance provides.''