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Pollution Risk Services is a pioneer in the development of environmental contamination clean up programs that combine environmental liability and risk transfer.
Our Clean Break program was developed to enable companies to enter into a "Liability Buyout" for environmentally contaminated sites. With the Clean Break program, liability is transferred from the responsible party/parties to Pollution Risk Services for a firm fixed dollar amount. Pollution Risk Services then manages the site-remediation activities and returns the contaminated site to full regulatory compliance. These activities are supported fully by an A.M. Best "A" rated insurance product to protect the owner/ownership group of the contaminated site.
The end result is a "Clean Break" from additional or future financial site responsibilities.
The benefits to our Clean Break clients are clear:
- All costs associated with the remediation of impacted sites are capped, often for less than the engineer's estimate.
- PRS assumes the management of the remediation efforts, eliminating internal and external client management of the site.
- Highly variable liabilities are permanently removed from client's balance sheet enabling the client to focus attention on core business activities.
- Known and unknown environmental liabilities are covered, protecting client from additional and unforeseen remediation costs.
- Certainty of remedial actions, supported by A.M. Best "A" rated insurance carrier.
- Full global release with contribution protection.
- Restore positive corporate image customers, regulators, public officials, and community.
Successful applications of the PRS Clean Break Program include:
- Multiparty "Superfund" sites with excessive administrative and legal costs.
- Disposition of non-strategic properties with environmental liabilities.
- Gifting properties to government entities or nonprofit organizations.
- Companies who wish to clean up balance sheet liabilities, accelerate tax deductions, and focus on core business without the threat of future cost.
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