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State Subsidized Environmental Insurance The Brownfields Act created the Brownfields Redevelopment Access to Capital (BRAC) Program, which backs loans with state subsidized, volume discounted environmental insurance. The BRAC Program offers Cleanup Cost Cap/Pollution Legal Liability/Secured Creditor coverage which provides protection for the borrower against unanticipated costs that arise in a brownfields cleanup project.
The state will subsidize the premium of this insurance up to 50%. MassBusiness and the Massachusetts Department of Business Technology administer this program. Ace, AIG, Chubb and XL are the selected insurance carriers. |
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