NYC Environmental Insurance Grants are intended to provide an incentive for land owners and developers to enroll in the city's local brownfield cleanup program by providing grants to cover the cost of many forms of pollution liability insurance. Environmental insurance is valuable for land owners, developers and their lenders as a means of lowering pollution liability exposure. Under this grant program, grants of roughly $30,000 for pollution liability insurance coverage will be available upon enrollment into the city's local brownfield cleanup program.

The NYC Brownfield Environmental Insurance Grant Program is currently under development and grants are not yet available. It is anticipated that grants under this program will be available in early 2009. Stay tuned for more details.

Anticipated Grant Delivery Mechanism. Numbered items in the narrative below are illustrated in the underlying flow chart.

• NYC Mayor's Office of Environmental Remediation (OER) works in conjunction with NYC Economic Development Corporation to administer the grants.
• OER earmarks roughly $750k of its annual $3M brownfield incentive funding to provide environmental insurance grants to be disbursed in allotments of approximately $30,000 to grant applicants (approximately 25 grants per annum).
• Applicant selects vendor from an OER-approved list. OER grants are passed through the grant applicant to the vendor for cleanup investigation services.
• Vendor provides environmental insurance services according to a service agreement approved by OER (one contract is negotiated with each insurance vendor).
• Insurance vendor executes insurance contract with volunteer.