Compiled By Deborah Austin Pressured by proliferating rules, U.S. businesses are shunning properties with potential environmental damage, suggests a survey conducted on behalf of Chubb Environmental Solutions, New York. Of the 141 companies' senior ...
Compiled ByDeborah Austin Pressured by proliferating rules, U.S. businesses are shunning properties with potential environmental damage, suggests a survey conducted on behalf of Chubb Environmental Solutions, New York. Of the 141 companies' senior finance executives who responded, 52% say environmental risk has convinced them not to purchase a property. Thirty-three percent overall -- and 60% of heavy manufacturers -- have had business transactions fail due to unresolved environmental issues. Top causes overall for business transaction failure include refusal to clean up contaminated property (59%) and failure to disclose contamination (29%). Over the past decade, federal agencies alone have enacted more than 50 new environmental rules -- with increased pressure for accurate disclosure boosting environmental compliance and risk as priorities, says Chubb Environmental Solutions President Michael Murphy. In fact 57% of respondents say they've boosted compliance budgets this year. Thirty-five percent have been investigated by a state or federal agency over environmental concerns. Chubb Environmental Solutions offers insurance underwritten by member insurers of the Chubb Group of Insurance Cos.
