Environmental Insurance Supports Cleanup Efforts At California's Rio Vista Army Reserve Center.Business Editors EXTON, Pa.--(BUSINESS WIRE)--April 18, 2000 California's Rio Vista Rio Vista may refer to:
Developed by ECS See eComStation. Underwriting, an XL Capital company and one of the nation's leading providers of environmental insurance, the insurance program is designed to support ARCADIS' exclusive Guaranteed Fixed Price Remediation Program (GRiP) contractual agreement. In addition to sharing the risk of cost overruns with ARCADIS, the insurance program assures that cleanup activities will move along as scheduled. "Insurance programs like these offer several advantages," according to Bob Hallenbeck, senior vice president of government affairs for ECS. "Insurance offers protection to all involved in the redevelopment and guarantees that if an environmental incident was to occur or additional contamination was discovered, the situation would be resolved quickly because of the financial cushion that insurance provides." The Rio Vista Army Reserve Center formerly supported an Army Reserve watercraft unit and was closed as part of the federal government's BRAC Brač (bräch), Ital. Brazza, island (1991 pop. 13,824), 152 sq mi (394 sq km), off the Dalmatian coast in the Adriatic Sea, Croatia. It is a popular summer resort and tourist spot. Supetar (Ital. 1995 closings. Environmental contamination at the Center had resulted from the operation of a boat maintenance area, PCB-containing transformers, a hazardous waste Hazardous waste Any solid, liquid, or gaseous waste materials that, if improperly managed or disposed of, may pose substantial hazards to human health and the environment. Every industrial country in the world has had problems with managing hazardous wastes. accumulation area Accumulation area A range within which a buyer accumulates shares of a stock. See: On-balance volume and distribution area. accumulation area , underground storage tanks, petroleum /oil lubricants, and paint storage areas. The U.S. Army decided to privatize the remaining environmental cleanup at the site. ECS met these insurance needs through its BRAC insurance policy that combines both liability protection and financial assurances. Liability protection is provided through coverage that includes first-party (on-site) and third-party (off-site) coverage for remediation expenses, bodily injury, property damage and legal defense expenses. Financial security is provided through ECS' Remediation Stop Loss coverage, which caps the total cost of remediation at a level that meets the needs of all parties. The policy will also protect the site's developer and any future owner of the property from potential environmental and financial liability during and following the redevelopment of the property. Additionally, should environmental regulations or cleanup standards change, the site is covered against any additional remediation costs that might be incurred in order to bring the site into compliance with newly-established standards. The insurance policy designed for the Rio Vista Army Reserve Center Project is the 11th such policy designed by ECS Underwriting and only one of 13 currently being used in military base redevelopment. ECS has created customized insurance programs for Orlando Naval Training Center, Orlando, FL; Lowry Air Force Base Lowry Air Force Base, formerly located in the cities of Aurora and Denver, Colorado, was the site of a United States Air Force training base that was heavily involved with the training of United States Army Air Forces bomber crews during World War II. , Denver, CO; Kelly Air Force Base Kelly Air Force Base was a United States Air Force base located in San Antonio, Texas. In 2001, the runway and land west of the runway became "Kelly Field Annex" and control of it was transferred to the adjacent Lackland Air Force Base. , San Antonio, TX; the Naval Ship Yard, Philadelphia, PA; Fort Sheridan, Highland Park, IL; the David Taylor Research Center, Annapolis, MD; Watertown Arsenal, Watertown, MA; the Glenview Naval Air Station A Naval Air Station is an airbase of the United States Navy. Such bases are used to house Naval Aviation squadrons and support commands. List of Functioning US Naval Air Stations
ECS issues policies through Greenwich Insurance Company, Indian Harbor Insurance Company, XL Specialty Insurance Company, formerly Intercargo Insurance Company, and XL Insurance Company of New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of , Inc. ECS, an XL Capital Company, is an underwriting manager providing integrated environmental risk management(SM) solutions to business and industry worldwide. ECS meets the diverse needs of its customers through insurance, risk control and claims management. XL Capital Ltd, through its wholly-owned subsidiaries, including XL Insurance Ltd, XL Mid Ocean Reinsurance The contract made between an insurance company and a third party to protect the insurance company from losses. The contract provides for the third party to pay for the loss sustained by the insurance company when the company makes a payment on the original contract. Ltd, XL Capital Products Ltd, The Brockbank Group plc, NAC See network access control. Re Corp., XL Specialty Insurance Company and ECS, Inc., provides insurance and reinsurance coverages and financial products worldwide. As of December 31, 1999, XL had consolidated assets of approximately $15 billion and consolidated shareholders' equity Shareholders' Equity A firms' total assets minus its total liabilities. Equivalently, it is share capital plus retained earnings minus treasury shares. Shareholders' equity is the amount by which a company is financed through common and preferred shares. of approximately $5.6 billion. Additional information is available on the XL web site: www.xl-capital.com or www.ecsinc.com. Please note that this press release describes insurance coverage that is subject to underwriting analysis and may not be available in all states. The above description is neither a complete description nor a complete list of all terms, conditions and exclusions, and only the provisions of a specific policy have legal effect. Certain terms used in the above description are defined in the policy. Please see the policy for a complete description of its scope and limitations of coverage. |
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