Munich Re in new partnership for brownfield soil remediation cover
Germany-based Munich Re has partnered with California-based Reterro for brownfield soil remediation offering.
The new partnership will offer industry’s first process substitute performance cover for Reterro’s soil remediation projects. It will provide the lowest risk method for eliminating brownfield financial and environmental liabilities.
"By developing a unique insurance solution for Reterro we can help further its business development while supporting a more thoughtful and safe method to deal with contaminated soil and Brownfields," said Jeffrey Sirr, head of North America for Corporate Insurance Partners, a division of Munich Re. "The substitute performance cover offers remedial certainty to Reterro’s clients and demonstrates Munich Re’s innovative approach to helping our customers further grow their business."
Reterro provides owners of distressed brownfield properties with advanced soil remediation technology to make contaminated land useable again. The substitute performance cover, offered by a primary insurance carrier of the Munich Re, supports Reterro’s process by paying the additional costs for using the next best remediation method, if needed, at no additional cost to the client, it said.
The partnership addresses financial uncertainty and restores the value of distressed properties, without exposing property owners to new or residual risks.
Reterro CEO Tom Doyle said: "We are very excited about the value that this partnership with Munich Re brings to our remediation clients. The substitute performance cover assures that remediation can be completed to agreed-upon standards at agreed-upon costs. While Reterro has always stood behind its excellent performance, the support of one of the world’s largest reinsurers makes it a truly compelling benefit."
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