West Coast School District
The old bus barn was now surrounded by a prominent retail center and the value was impaired from decades of school bus maintenance.
Problem
This West Coast School District owned and operated a bus barn property for nearly 70 years. Over that time, the city expanded as it grew until it was surrounded by expensive real estate. The School District purchased another property, at the edge of town and relocated their operation. When they went to sell their valuable real estate, testing revealed a large groundwater plume impacted by chlorinated solvents. Faced with their real estate value being reduced, the School District was going to clean the site up, which meant that the taxpayers would have to fund the remediation.
Solution
Restorical Research was hired by the School District and we successfully identified multiple years, and carriers, of historical insurance policies from the 1960s thru the 1980s. We put together claims packages and assisted the School District and their legal counsel to obtain insurance coverage which funded the entire remediation.
Impact
The School District successfully leveraged these historical insurance policies to fund their costly pollution cleanup and in the process avoided having to discount the value of their property when they sold it to a developer.
The School District is in a great position to use these same policies and avoid paying out of pocket for the cleanup cost of other contaminated properties.
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