Environmental due diligence

Environmental liabilities associated with the purchase, sale or development of properties can be extremely complex challenges. In today’s litigious environment, management of the overwhelming amount of documentation generated by the real estate transaction process is essential for successfully managing the property, underwriting environmental insurance coverage, tracking and documenting changes to policy terms and conditions, and managing any claims that may manifest.

Environmental and legal documentation created during the transaction process result from a variety of activities and actions, including:

1. environmental due diligence assessments [Phase I or Phase II]
2. demolition and construction
3. cleanup of existing contamination
4. management of contamination left on site
5. lenders requirements
6. purchase and sale agreements
7. insurance policies, endorsements and claim submissions under their environmental insurance program

To better manage the environmental documentation process, Aon’s Environmental Services Group and Aon eSolutions have developed an environmental module within RiskConsole, which tracks and warehouses environmental, legal, and insurance documents associated with individual properties and portfolios.

Benefits

• real-time access to environmental coverage, enhancements, deductible, limits, exclusions claim history at individual property and aggregate basis
• increased notification efficiencies through report scheduling and automatic email alerts based on client definition (eg new location, non-compliant locations, new endorsement uploaded)
• a central, secure global repository for all environmental information including critical data elements, policy, endorsement and environmental electronic documents
• manage both active and potential acquisition locations for environmental coverage compliance
• manage the environmental preparation and renewal process proactively

Features

• single, global web-based database platform, with multi-lingual and multi-currency capabilities
• system design and layout to match each client’s specific environmental data management needs
• security-driven to allow access to broker, risk manager, underwriter, underwriting engineer and selected client asset managers to respective data needs
• dashboard functionality to ‘push’ key data analysis, document management and task assignments to each user upon login
• robust search engine and ad-hoc reporting tool to find information and conduct analysis on demand