We provided inhouse training for a London underwriting team on the UK environmental liability framework and environmental claims procedure in conjuntion with specialist broker, loss adjustor and national law firm following the launch of their new EIL and CPL policy. Within a few months we were instructed in connection with a large oil spill.
Keith Davidson advised Industrial Process Plants in the first successful Active Transfer deal in the UK.
The 500,000 square foot former Kodak imaging chemicals production facility in Kirkby was impacted with contamination resulting from over 50 years of chemical production. Kodak wanted a clean break from environmental liabilities and IPPE needed certainty that contractual and legal liabilities would not bite.
In the Environmental Liability Transfer agreement, WSP took responsibility for the management of known and unknown liabilities and provided an indemnity to both parties.
The combination of pollution legal liability insurance, fixed price remediation and indemnity allowed the seller and buyer to remove environmental liabilities from their accounting provisions.
"Keith helped us to construct a complex but effective active liability transfer for a corporate and real estate transaction. Great results".
Tom Nash
Vice President of European Acquisitions, IPPE