| Abstract: | New York's new 107-page brownfields law encourages the redevelopment of contaminated properties in order to increase tax revenues, revitalize communities, create jobs, protect the environment, and preserve open space. The legislation contains significant financial incentives to volunteers and municipalities to investigate, remediate, and redevelop brownfields to promote the reuse of such properties. While the law provides certain liability protection for claims by the State, it retains the “polluter pays” philosophy and contains scary re-opener provisions. This article will provide a brief overview of New York's recently enacted environmental law and explain why the legislation encourages the procurement of environmental insurance to mitigate the risks inherent with brownfield redevelopment projects. |
