American Brownfields Assurance Company, Inc.
Established in 1999, American Brownfields Assurance Company provides management services to the individual state Sentinel Trusts. With offices in California, Colorado, Florida, Illinois, Michigan, New Jersey, New York, Virginia, Washington DC, Virginia and Wisconsin, American Brownfields is uniquely positioned to address IC/EC stewardship issues across the nation.
American Brownfields' Principals
- A. J. Birkbeck
- Donald W. Richardson
The Trust’s primary purpose is to satisfy responsible parties’ (“RPs”) long-term stewardship obligations associated with mandatory restrictive covenants, institutional controls and engineering controls (collectively the “control mechanisms”) in New Jersey. The Sentinel Trust also provides for related services, such as the provision of legal and engineering services, and financial assurance products, to RPs at New Jersey brownfield sites, superfund sites and RCRA or corrective action sites. Trust representatives will also work with the State to secure innovative insurance products to enhance the long term viability of control mechanisms. In sum, the Trust would provide a simple and cost effective means by which the regulated community might comply with the State of New Jersey’s biennial reporting or “Tech Reg” requirements associated with risk based cleanups, in addition to offering related products and services to assist commericial property owners.
Benefits to Commercial Property Owners
- Cost-Effective Satisfaction of “Tech Reg” Certification Requirements
- Optional Drafting and Filing of Restrictive Covenants
- Work with the Regulated Community and Local Communities to assure proper Implementation of Institutional Controls
- Optional Engineered Control Maintenance Services
- Procurement and Maintenance of Remediation Funding Sources
- Brownfields Database to Supplement Existing On-Line Resources
- Potential Tax Benefits to Brownfield Owners & Operators through the use of existing, but rarely used, federal tax incentive mechanisms
- Create and Obtain Innovative Insurance Products to assist Stewardship
- Comfort in Knowing that the Trust works closely with State Regulators to ensure Consistency with Applicable Regulations and Requirements
Assuring Federal Protection Against Cleanup Costs
All Appropriate Inquiry Alone Does Not Afford Federal Liability Protection
Many property owners have been led to believe, upon completion of their All Appropriate Inquiry (AAI) prior to purchasing a piece of commercial property, that they will enjoy federal liability protections under the Brownfield Amendments to Superfund/CERCLA. Yet, the Brownfields Amendments clearly require that such owners satisfy their "continuing obligations" in order to maintain their federal liability protection.
American Brownfields Assurance Company, Inc. and the Sentinel Stewardship Companies, are uniquely positioned to work together with property owners to provide resources and tools that property owners might utilize to satisfy their continuing obligations under the Brownfields Amendments and to secure federal liability protection.