BRAC Products & Insurers
Insurance Products & Carriers
Promoting access to private sources of loan and investment capital for the cleanup and development of Brownfields is what the BRAC Program is all about. To accomplish this, BDC Capital and The Commonwealth of Massachusetts have designed the Program to address the concerns most commonly encountered by investors and lenders, when considering Brownfields projects.
The insurance products available under the Program represent the vast majority of policies written in connection with Brownfields anywhere in the U.S. and address the specific issues of concern to most parties who undertake or finance such projects. The specific insurance policies admitted for use in the BRAC Program have been exhaustively reviewed to assure that the highest quality of coverage available in the industry is offered in connection with the Program. In addition, the insurance companies participating in the BRAC Program have agreed to make a “standard BRAC Program endorsement”, available with each policy written under the Program. This endorsement provides additional, state-specific benefits to parties undertaking Brownfields projects in Massachusetts.
BDC Capital and the Commonwealth have assembled some of the largest and most experienced environmental insurance companies in the country to provide insurance products in connection with the BRAC Program. These firms have demonstrated that they meet the experience and financial strength requirements established for the Program and have committed to working with the BRAC program in providing the Massachusetts marketplace with an array of top-notch environmental insurance products, at competitive prices.
Currently, the following companies are designated as Selected Insurance Providers under the BRAC Program:
| ACE USA/ACE Environmental Risk 33 Arch St. – Suite 2900 Boston, MA 02110 Contact: Michael J. Henk (617) 737-8917 (Liability & Cleanup Cost Insurance) |
Chartis (formerly AIG) 99 High Street Boston, MA 02110 Contact: Karl Touet (617) 457-5826 (Liability & Cleanup Cost Insurance) |
| XL Insurance One World Financial Center 200 Liberty Street, 27th Flr. New York, NY 10281 Contact: Greg Dunn (610) 968-9462 (Liability & Lender Insurance) |
Chubb Environmental Solutions One Financial Center Boston, MA 02111 Contact: Daniel K. Springer (617) 717-5111 (Liability Insurance) |
| Zurich Commercial (Steadfast Insurance Company) 60 State Street – Suite 600 Boston, MA 02109 Contact: Jacqueline Lederer (617) 570-8851 (Liability Insurance) |
Great American Insurance Group 401 Plymouth Road – Suite 401 Plymouth Meeting, PA 19462 Contact: Pete Pantalone (610) 567-5073 (Liability Insurance) |
