Regulated facilities may have environmental conditions, mostly historical and unknow to the current property owner. However, it is an expensive affair because of the huge costs involved in environmental remediation and legal expenses incurred towards environmental liability.
Third party funding plays a very crucial when the facility has environmental contamination. Golars has recovered over $500 Million in third party funding for several clients and we continue to pioneer in this field.
There are three types of funds:
Insurance Recovery
Golars is market leader in insurance recovery, we are in fact the best in the industry.
Digging up the details of historical insurance coverage is a critical first step in minimizing the company’s direct exposure and securing valuable coverage that may be far more than just a thing of the past. Companies may be able to seek recovery from their historic insurance policies to help provide defense and indemnity coverage for claims they face. These policies can be a significant contingent asset, but, if an appreciable amount of time has passed, a policyholder may lack sufficient information about the policies to make a valid claim.
Our experts conduct insurance archaeology research to identify and locate the policies or evidence of those policies. Our approach begins with the most cost-effective tasks and, as necessary, proceeds to include additional effort. Information sources include other policies, accounting and financial records, various archives, and employees. Our efforts often can locate policies or other evidence of coverage, which can place a policyholder in a stronger position to make use of the insurance asset.
Many companies and organizations face mass tort and complex liabilities that significantly affect their financial outlook. Allegations surrounding these types of liabilities can span decades and include “long-tail” exposures.
Golars is a trusted adviser to help you reduce environmental risk and achieve your business goals
Environmental Clean-up loans
Potential environmental problems on collateral property represent one of a commercial lender’s largest risk exposures. The discovery of previously unknown contamination can cause a property’s value to plummet, while simultaneously entailing remediation costs far in excess of any remaining value derived from the property. These costs can quickly become the lender’s problem when the borrower defaults on the loan and the lender takes title to the property.
Golars Capital, LLC is a sophisticated lender with the ability to “box in” the potential environmental risks and close deals that other lenders would be unwilling to touch.
Golars Capital, LLC provides below-market low-interest loans of up to $100,000 to conduct preliminary environmental site assessments and up to $1.5 million for the cleanup or removal of hazardous substance or petroleum site where redevelopment likely to have a beneficial impact on the property values, economic viability and quality of life of a community. Eligible borrowers include all potential responsible parties.
Federal, State, and local funds
In some states, there are grants available for investigation and remediation of contaminated properties. Some grants are specific to property types and some are brownfield grants.
On Brownfield projects involving multi-acre and multi-property Tax Increment Financing (TIF) districts, Golars performs the activities necessary to evaluate environmental and health risk factors affecting the properties or neighborhood, including community outreach, health impact assessment, target corridor site prioritization, environmental site assessments and investigations, and other Brownfield programmatic requirements.
Golars also concisely and effectively communicates the relevant environmental and health risk factors with community organizations, neighborhood partners, the public and other stakeholders. Golars’ extensive experience analyzing environmental risk factors, development of Brownfield cleanup alternatives, and designing alternative remediation strategies using risk-based approaches ensures achievement of the neighborhood, the planned development and stakeholder objectives.
- Risk-Based Corrective Action, Mitigation & Closure
- Contaminated Facility Closure and Decontamination
- Soil Management Plan Development and Oversight
- Waste Characterization, Profiling and Disposal
- NFA letters, Comfort letters, Environmental
- Restrictive Covenants (ERCs)