Environmental Insurance to Support Reuse at NS Roosevelt Roads
Environmental insurance purchased by the commonwealth of Puerto Rico will protect the redevelopment of about 1,000 acres at the former Naval Station Roosevelt Roads slated to become an ecotourism resort.
The policy, written by XL Group plc’s environmental insurance underwriting unit, provides comprehensive coverage to the site’s LRA, including remediation costs for unknown and new pollution conditions, bodily injury, property damage and legal defense costs. The policy is the 37th the XL Group has provided to a former military installation, according to the firm.
The policy is designed to prevent unanticipated issues stemming from contamination from slowing redevelopment. “It address environmental concerns that can keep a project from even beginning, while helping redevelopment activities move along without unforeseen delay so that redevelopment agencies can return the land to productive use again and bring jobs and new resources to the community,” said Bob Hallenbeck, senior vice president for the firm’s environmental unit.
The reuse plan for the former base, located on the eastern tip of Puerto Rico, calls for the creation of 4.4 million square feet of high-class mixed use development at the resort, including retail, waterfront facilities and an international cruise port.