As risk manager for Panattoni Development Company, one of the largest privately owned commercial real estate companies in the United States, Guillermo Accame makes it his business to stay current with trends impacting the environmental insurance market. Today, two issues are top of his mind—the first of which is vapor encroachment.
“Vapor encroachment is a topic that sophisticated buyers and underwriters have been aware of for at least 10 years, but it had really been a back-burner issue,” Accame says. “Today, regulators are much more aware of it, and [coverage] has definitely heated up as a result.”
Encroachment involves movement of vapor pollutants from underground sources to the inside of buildings. Public awareness of health hazards associated with airborne pollutants and air quality has been growing, and testing organization ASTM's E2600 standard, revised in 2010, created new guidelines for site screening.
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