This document summarizes an EDR webinar on protecting banks from vapor intrusion liability. It provides an overview of the webinar topics and speakers. The webinar aims to educate banks on vapor intrusion, which occurs when chemicals migrate as vapors from contaminated soil or groundwater into overlying buildings. It discusses how vapor intrusion is an increasing liability concern for lenders, especially regarding properties involved in foreclosures, refinances or loan originations. The webinar speakers, including environmental consultants and a bank risk manager, intend to help banks implement policies and practices to properly assess and mitigate vapor intrusion risks during environmental due diligence on properties.
Are Water Utilities Inheriting Risk from Local Consultants?Safe-T-Cover
The water engineering community has been struggling with new professional liability risk involving the location of premise isolation backflow preventer systems; Not because of new design practices, but because of new information about the old practices.
And with this new risk realization comes a new interested party: The insurance company. Because of this very public commentary from experts and leading groups, casualty carriers, through subrogation, have new weapons for damage recovery. And anytime the accused designer is able to demonstrate that local government contributed, whether materially or passively, to the poor design, the water district and/or building authority may be at risk for the liability.
How does the water utility avoid being named responsible? Use up to date standard details that address the risk and show you did not contribute.
THIS SLIDESHARE WILL COVER:
1.What are the risks associated with backflow preventer installation?
2.Can that affect water jurisdictions?
3.National survey of civil and plumbing engineers
4.Standard details, best practices, and how to get your district up to date
Backflow Prevention: Let the Civil Engineer Deal With ItSafe-T-Cover
Plumbing engineers are facing new liability risks from insurance carriers, revealed by new warnings and commentary from industry leadership regarding indoor containment RPZs. Because of the need for pure water in the public water supply and the undetectable nature of the DCs, purveyors are demanding more RPZs and ignoring the legacy hazard guidance. RPZs are designed to engulf the immediate surrounding area. Indoor placement of 3” & larger RPZs adds irrational risk for PO & designer. Placing the CBPA inside costs PO $000s more than outside. There is a need to address sudden flood water flows disqualifies MEP from CBPA Design. Your local water district must be encouraged to adopt new details and guidelines that promote best practices and adoption by CEs.
Are Water Utilities Inheriting Risk from Local Consultants?Safe-T-Cover
The water engineering community has been struggling with new professional liability risk involving the location of premise isolation backflow preventer systems; Not because of new design practices, but because of new information about the old practices.
And with this new risk realization comes a new interested party: The insurance company. Because of this very public commentary from experts and leading groups, casualty carriers, through subrogation, have new weapons for damage recovery. And anytime the accused designer is able to demonstrate that local government contributed, whether materially or passively, to the poor design, the water district and/or building authority may be at risk for the liability.
How does the water utility avoid being named responsible? Use up to date standard details that address the risk and show you did not contribute.
THIS SLIDESHARE WILL COVER:
1.What are the risks associated with backflow preventer installation?
2.Can that affect water jurisdictions?
3.National survey of civil and plumbing engineers
4.Standard details, best practices, and how to get your district up to date
Backflow Prevention: Let the Civil Engineer Deal With ItSafe-T-Cover
Plumbing engineers are facing new liability risks from insurance carriers, revealed by new warnings and commentary from industry leadership regarding indoor containment RPZs. Because of the need for pure water in the public water supply and the undetectable nature of the DCs, purveyors are demanding more RPZs and ignoring the legacy hazard guidance. RPZs are designed to engulf the immediate surrounding area. Indoor placement of 3” & larger RPZs adds irrational risk for PO & designer. Placing the CBPA inside costs PO $000s more than outside. There is a need to address sudden flood water flows disqualifies MEP from CBPA Design. Your local water district must be encouraged to adopt new details and guidelines that promote best practices and adoption by CEs.
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Fly Movement is a fun and effective kids health program that takes place in your child's classroom at school.
Presentation includes:
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- What is Fly Movement (Fitness Lifestyles for Youths)
- Team Introduction
- Case Studies
- Next Move
- FAQs
Fly Movement - A Fun Kids Fitness ProgramEric Melchor
An easy fitness program for 3rd graders. Fly Movement is a program that implements friendly team competition to motivate kids which then encourages fitness and builds confidence through competing and program accomplishment.
Bloomberg bna using environmental liability transfers to resolve critical e...John Kowalik
Environmental liability transfers (ELTs) can be used as an alternative way to structure complex contaminated property transactions. ELTs are used to eliminate risk and resolve critical issues during mergers and acquisitions, bankruptcies, and other matters related to corporate environmental responsibility. The session, which will include the presentation of various case studies, will illustrate how an ELT can move an environmentally-distressed site out of stagnation, creating a financed pathway to remediation and redevelopment.
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To listen to this webinar on-demand, go to: https://www.financialpoise.com/financial-poise-webinars/the-intersection-of-bankruptcy-and-environmental-law-2020/
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Understanding User Needs and Satisfying ThemAggregage
https://www.productmanagementtoday.com/frs/26903918/understanding-user-needs-and-satisfying-them
We know we want to create products which our customers find to be valuable. Whether we label it as customer-centric or product-led depends on how long we've been doing product management. There are three challenges we face when doing this. The obvious challenge is figuring out what our users need; the non-obvious challenges are in creating a shared understanding of those needs and in sensing if what we're doing is meeting those needs.
In this webinar, we won't focus on the research methods for discovering user-needs. We will focus on synthesis of the needs we discover, communication and alignment tools, and how we operationalize addressing those needs.
Industry expert Scott Sehlhorst will:
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Bài tập - Tiếng anh 11 Global Success UNIT 1 - Bản HS.doc
Edrvi webinar 021611
1. EDR’s 2011 WEBINAR SERIES: Protecting Your Bank from Vapor Intrusion Liability Wednesday, February 16, 2011
2. Purpose of Today’s Call Provide multiple perspectives from experts in the field on the importance of assessing vapor intrusion risk upfront. Explain what vapor intrusion means to a lender’s own liability. Outline ASTM’s process for assessing vapor intrusion risk on loan originations, foreclosures and refis today. Give you one lender’s first-hand account of adding vapor intrusion to his environmental policy. Most importantly, arm you with information to protect your institution—and your borrowers—from vapor intrusion liability. Page 2
3. Today’s Speakers Page 3 Dianne Crocker, Managing Director/Market Research Group, EDR Brendan Lowrey, Attorney, Thompson & Knight LLP, Dallas Anthony Buonicore, CEO, The BuonicoreGroup and Chairman of ASTM’s Task Group on Vapor Encroachment Mike Tartanella, Environmental Risk Specialist – AVP, Capital One Bank, Manhattan
4. Overview of Forces Driving Vapor Intrusion onto the Playing Field of Environmental Due Diligence Presented by: Dianne P. Crocker, Senior Economist Managing Director, EDR’s Market Research Group
5. What Is Vapor Intrusion? Vapor intrusion generally occurs when there is a migration of volatile chemicals from contaminated groundwater or soil into an overlying building. Volatile chemicals can emit vapors that may migrate through subsurface soils and into indoor air spaces of overlying buildings in ways similar to that of radon gas seeping into homes. Page 5
6. Why Is Vapor Intrusion In The Forefront? Page 6 Awareness of the health effects surrounding vapors migrating from a contamination source has grown considerably in recent years. Lawsuits against property owners, especially residential properties, are establishing precedents for vapor intrusion liability. Federal and state regulators are taking action. Increased attention on vapor intrusion conditions is raising urgent questions about dealing with the associated risk.
7. VI and Lenders’ Due Diligence Foreclosures are making lenders unwilling owners of sites with vapor intrusion issues. Refinancings/foreclosures by banks are uncovering vapor intrusion issues that were addressed during original environmental due diligence. Loan cycle for properties financed in the 1995-2005 time period is beginning to turn over, old Phase Is do not meet today’s risk criteria: For example, low levels of dry cleaner solvents that may not have been on anyone’s radar screen in the ’90s now exceed the screening level for vapor intrusion in some states. Page 7
8. How Aware Are Banks of Vapor Intrusion? Page 8 40% of surveyed risk managers work at banks with VI policies: Up from 18% two years ago Less prevalent at community banks (only 22% have VI policies) Sources: EDR’s Annual Benchmarking Surveys of Financial Institutions. 2008, 2009, 2010.
10. The Property Owner No One Wants To Be Boston: Property owner bought site after diligent due diligence Site part of NFA reopeners for VI risk 1 of 12 sites in state deemed to pose “imminent threat to human health” Two years later, still incurring monitoring costs even though there is no current evidence of chlorinated solvents under buildings at the site. Page 10
11. Word from Attorneys Across U.S. “When access to healthy air is impacted, it becomes a personal issue. VI cases get emotional very quickly and become about more than just actionable levels.” ~Stuart Lieberman, Lieberman & Blecher, Princeton, NJ “If there’s a reasonable chance of vapor intrusion on a property, you had better be looking at it.” ~Shannon Little, Holland & Knight, San Francisco “Vapor intrusion is not new. It is already in the minds of many lenders who face the reality in today’s market that they might get properties back.” ~Allison Edgar, Parker Poe LLP, Charlotte, NC Page 11
12. Impact of VI Awareness in the Market The rules of the game have changed—and quickly. Because of that: Attorneys are asking consultants and lenders to include VI as part of their Phase I ESA scopes of work. ASTM released a consensus-based approach for screening out vapor intrusion risk. A growing number of banks are adding vapor intrusion to their policies. Page 12
13. The Legal Perspective on Vapor Intrusion:Protecting Your Bank Brendan.Lowrey@tklaw.com 214-969-1134 (phone) 972-977-2635 (cell) 214-999-1502 (fax) Brendan Lowrey Thompson & Knight LLP 1722 Routh Street Dallas, Texas 75201
14. Overview Why is vapor an issue? How does it affect lenders? What can you do to protect your bank?
15. Why is Vapor An Issue? Vapor is an issue because U.S. EPA and states are evaluating vapor, and Plaintiffs are maintaining claims based on vapor.
16. U.S. EPA’s Focus on Vapor Intrusion Evaluating vapor at certain sites Revising its Superfund Hazard Ranking System Revising its vapor guidance
17. State-Level Attention on Vapor Intrusion Some have rules. Some have guidance. Some arereopening sites.
18. Case Developments on Vapor Intrusion Vapor is being used as an alternative theory. RCRA citizen suits: “May” is expansive. Endangerment ≠ actual harm. Primary jurisdiction/abstention not applicable. Is fear alone enough?
19. How does vapor affect lenders? Direct liability CERCLA defenses and “continuing obligations” Secured lender protections and “due care” Liability as record owner
20. How Does Vapor Affect Lenders? (cont’d) Disclosure and fraud issues Borrower or collateral impairment
21. How Can You Protect Your Bank? Treat vapor in the same manner as soil or groundwater contamination. Integrate vapor into your risk management strategy/policy. Don’t ignore “closed” sites. Perform comprehensive due diligence on refi’s and foreclosures.
22. How Can You Protect Your Bank? (cont’d) Engage a competent consultant. Give them adequate time and compensation. Consider an explicit requirement to perform vapor assessments. Stay aware.
24. Vapor Intrusion andProtecting Your Bank Brendan.Lowrey@tklaw.com 214-969-1134 (phone) 972-977-2635 (cell) 214-999-1502 (fax) Brendan Lowrey Thompson & Knight LLP 1722 Routh Street Dallas, Texas 75201
25. ASTM E 2600-10 Vapor Encroachment Screening Standard: A Game-Changer for Property Due Diligence Presented by: Anthony Buonicore, CEO, The Buonicore Group Chairman, ASTM Task Group on Vapor Encroachment
26. Overview Background Capsule Summary Legal Appendix Implications for the Conduct of Property Due Diligence What Lenders Can Do
27. Background Vapor migration/intrusion becoming an increasing concern at government agencies: Federal 2002Draft Guidance being updated. 2011: HRS being revised to include vapor pathway. State 30 states now have guidance. NY, MA, CA, others have re-opened closed sites because of vapor pathway concerns. Stakeholders in real estate transactions are recognizing the need for vapor migration screening to be a part of their property environmental due diligence.
28. Background (cont’d) In March 2008, ASTM E2600-08, Standard Practice for Assessment of Vapor Intrusion into Structures on Property Involved in Real Estate Transactions, was published. Revised in June 2010 as ASTM E2600-10, and renamed Standard Guide for Vapor Encroachment Screening on Property Involved in Real Estate Transactions. Directed at the potential for hazardous vapors to migrate to or reach the subsurface of a property involved in a real estate transaction (resulting in a Vapor Encroachment Condition or VEC)
29.
30. If such a site exists in the AOC, the environmental professional applies professional judgment on whether it may result in a VEC.
31.
32. Most Prevalent Sources of Concern in AOC Present and former gas station sites Present and former dry cleaner sites Present and former industrial sites, particularly those using chlorinated solvents for degreasing and parts cleaning Former manufactured gas plant sites Former hazardous waste disposal sites Present and former garbage landfills
33. Capsule Summary of E 2600-10 cont’d Tier 2 Focuses on the contaminated soil and groundwater plumes from any contaminated sites in AOC and their proximity to TP. May be accomplished by: Reviewing what is in regulatory agency files, or If no plume data is available, by soil gas sampling at property boundary. Ifa VEC is identified in Tier 1 screening, Tier 2 provides a scope of work that can be used for further investigation
34. Legal Appendix in E 2600-10 Purpose specifically to discuss relationship between E 1527-05, CERCLA, AAI and E 2600-10 CERCLA: Definition of “release” in CERCLA covers vapor migration in the subsurface - 42 USC 9601 § (22). Courts have included costs for investigation and remediation of hazardous substance vapors as potentially recoverable response costs under CERCLA. EPA’s 2002 Draft Vapor Intrusion Guidance document developed for use at CERCLA, RCRA Corrective Action and Brownfield sites. and E 1527 Phase I ESA is CERCLA-driven.
35. Legal Appendix in E 2600-10 cont’d EPA’s All Appropriate Inquiries: “The conduct of AAI appropriately includes consideration of whether volatile chemicals from a CERCLA release have migrated to or encroached upon the subsurface of the property…” The environmental professional under the AAI Rule must provide “an opinion as to whether the inquiry has identified conditions indicative of releases or threatened releases of hazardous substances…on, at, in, or to the subject property.” 40 CFR 312.11(C)(I) …and E 1527-05 is AAI-compliant (per EPA reg).
36. Legal Appendix in E 2600-10 (cont’d) ASTM’s E 1527-05 Phase I ESA Standard: Section 1.1.1, REC definition…“means the presence or likely presence of any hazardous substances or petroleum products[irrespective of whether they are liquids, vapors or solids] on a property under conditions that indicate an existing release, a past release, or a material threat of a release…into structures on the property or into the ground.”
37. Legal Appendix in E 2600-10 (cont’d) Conclusion: “An ASTM E 1527-05 Phase I investigation being CERCLA-driven and compliant with AAI must address vapor migration analogous to the way it addresses contaminated groundwater migration.”
38. Implications for the Conduct of Property Due Diligence Vapor migration needs to be considered analogous to contaminated groundwater migration in a Phase I investigation. The only question for a lender’s environmental professionals is: How will vapor migration be evaluated? Should ASTM E 2600-10 be used or some other methodology? Tier 1 VEC Screening in E 2600-10 provides a quick and inexpensive methodology in a Phase I to conduct a screen for vapors migrating on or to the target property. If Tier 1 screening performed as part of a Phase I indicates a VEC, the environmental professional needs to decide if VEC is a REC. If the VEC is a REC, the scope of work associated with Tier 2 VEC Screening in E 2600-10 can be used for the Phase II follow-on investigation (assuming the REC decision is based solely on vapor migration).
39. What Lenders Can Do To Manage VI Risk Revise your environmental policy to clarify that in ASTM E 1527-05 Phase I environmental site assessments, EPs need to screen for the potential of hazardous vapors to reach the subsurface of the target property. Specify to your environmental professionals that the preferred method to conduct the screening is by using the Tier 1 methodology in ASTM E 2600-10. If environmental professionals do not use the E 2600-10 methodology, specify that they need to include in their Phase I ESA report what methodology they did use, and provide supporting documentation.
40. Vapor Encroachment Issues: One Lender’s Perspective Presented by: Michael T. Tartanella Environmental Risk Specialist – AVP Capital One Bank New York, NY
41. 2/11/2011 40 Lender Awareness The Bank’s awareness is related to two perspectives: Policy and Legal issues (and how that relates to Bank policy) Due diligence issues.
42. 2/11/2011 41 1. Policy and Legal Issues Very simply: If a vapor issue is considered a “release” and a “release” is potentially considered a REC, then we must include vapor issues as part of the Phase I process if we are to be compliant with ASTM / AAI. Bank policy dictates that our Phase I reports must be compliant with ASTM / AAI. Legal community indicating provisions in RCRA (and not CERCLA) as the primary vapor legal risk for property owners and potentially Banks. Triggers for RCRA cases less prohibitive.
43. 2/11/2011 42 2. Due Diligence Aspects Ultimately one of the primary factors in our risk assessment is the health & safety of our subject building. That is why vapor issues are so important for us. If there is an off-site, third party known release, then why am I concerned about soil/groundwater issues on the subject property? My concern is whether my building has been impacted and from my perspective, a Vapor Intrusion/IAQ study is an excellent form of due diligence.
44. 2/11/2011 43 How the Bank Will Incorporate VI We will require our consultants to include some form of a VE screen in the Phase I. Our SOW will be revised to include this VE requirement. We will not dictate how a consultant performs a VE screen. There are many scenarios where a standard regulatory database review (along with the local geological-hydrogeological data) can be utilized to perform a screen.
45. 2/11/2011 44 Final Thoughts A vapor scenario must be considered a potential REC based on the definition. Vapor encroachment must be considered in a Phase I environmental site assessment to be compliant. Banks will need to keep track of the legal cases involving vapor to determine liability perspectives. From the Bank’s perspective, the vapor intrusion/IAQ study really makes sense.
46. The Bottom Line Good vapor intrusion analysis upfront is good for: Reducing risks to human health. Protecting the borrower and the bank. Tailoring a mitigation strategy if VI issues are present. Ensuring smooth transactions. Knowledgeable environmental professionals are great resources. New tools are emerging to allow banks to screen out vapor intrusion concerns easily and cost-effectively. 45
47. Thanks for Joining Us Stay tuned for upcoming webinars on best practices in lenders’ environmental due diligence: May: Environmental Due Diligence Matrix for Lenders July: Top 10 Best Practices for Lenders Look for email with valuable information: Evaluation of today’s event and ideas for new topics. Follow-up information on today’s event with link to replay. A list of valuable vapor intrusion resources. Page 46
Editor's Notes
Evan probably said it best yesterday when he admitted that they tried to ignore this issue for many years.It’s here.At DDD in LA, national lender said VI is bbecoming a more common issue of concern for refinancing loan trtansacitons. During a recent refi, they identified VI for a loan closed in ‘02Since then an offsite property undergoing remediation impacted the subj property w/ chlorinated solvents so they moved to Ph II soil vapor samplingAnd if they’re building new branches on old gas stns or dry cleaners, they routinely do soil vapor surveys and install vapor barriers to protect employees and bank customers.