Environmental due diligence is a broad topic and is usually viewed by people as “just one more box to check off.” However, it is important to understand that due diligence can greatly vary from project to project and can be used to not only manage but reduce your risk. Understanding what environmental due diligence is and the different types can help not only manage and/or reduce your risk but can also benefit you in many other ways.
But what is the next step if the due diligence efforts reveal environmental liabilities that require site investigation, remediation, or mitigation? The struggle determining the best approach to addressing contaminated property is a real issue and it is important that all the stakeholders involved with such matters are informed of the various options available to address contamination, prevent exposure and manage legal liability.
One of the first questions often asked by stakeholders responsible for environmental clean-up costs is “how much will it cost to bring this site to closure?” The second question usually asked is “how long will it take?” An understanding of remedial costs and timeframes are needed when trying to estimate the value of environmental liabilities, for insurance companies setting reserves for environmental claims, and for site owners and legal counsel looking at the impact of environmental costs to a business.
This presentation will provide the audience with an understanding of a) Initial due diligence strategies – from site assessments to site investigations, b) Financial and technical strategies to dealing with adverse environmental findings, c) a summary of the evolution of site cleanup and the various techniques applied to cleanup, and d) approaches to estimating cost-to-closure, from simplistic “best guesses” to more sophisticated cost modeling techniques using Monte Carlo simulations.