The environmental insurance policy was purchased by the Riverbank Local Redevelopment Authority (LRA), and enabled the LRA to minimize its environmental exposure as it assumed its role as the landlord for multiple tenants on the site. XL Insurance has provided similar environmental insurance protection to 36 different Base Closure and Realignment Commission (BRAC) sites.
"It was crucial for us to have insurance protection as we negotiated our agreement with the Army," said Debbie Olson, Executive Director of the Riverbank Local Redevelopment Authority. "We were on a strict deadline, and had only a few days to secure environmental insurance. XL Insurance understood our needs, responded immediately, and provided the coverage we needed to allow us to go forward. We'll continue to work with XL Insurance as we negotiate other aspects of our Early Transfer agreement."
Bob Hallenbeck, Senior Vice President at XL Insurance, commented: "We've written coverage for BRAC sites for more than a decade, and understand the need to be timely and responsive. It was a real pleasure to work with Debbie and the LRA as they pursue the redevelopment of this important site. Environmental insurance provides a financial protection that assures funds will be available if an environmental incident occurs. A project without that kind of protection could remain stalled for an undetermined amount of time.
"What is happening today on former military bases nationwide clearly shows how the use of wise risk management tactics, like environmental insurance, helps facilitate redevelopment that can return BRAC sites to productive use and bring jobs and new resources to the community," Mr. Hallenbeck added. About XL Insurance "XL Insurance" is the global brand used by member insurers of the XL Capital Ltd (NYSE: XL) group of companies. More information about XL Insurance is available at www.xlinsurance.com. XL Capital Ltd, through its subsidiaries, is a global insurance and reinsurance company providing property, casualty and specialty products to industrial, commercial and professional firms, insurance companies and other enterprises on a worldwide basis. More information about XL Capital Ltd is available at www.xlcapital.com