Commercial Real Estate Insights Podcast
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The Hidden Risks of Open Storage: Insurance Gaps Every CRE Investor Should Know
In this episode, Steve Hamoen introduces the key topics, focusing on open storage in industrial zones and the associated environmental considerations. He explores tenant strategies for managing pollution liability and conducting thorough risk assessments, providing insights into effective risk mitigation. The discussion highlights the importance of understanding environmental impacts and implementing strategic measures to address potential liabilities. The episode concludes with Steve's call to action, encouraging stakeholders to adopt proactive approaches in managing environmental risks within industrial real estate contexts.
Key Points
- Open storage in overlooked industrial zones is booming due to low capital expenditure and high adaptability, particularly in logistics, e-commerce, construction, and tech infrastructure.
- Environmental insurance policies can be a double-edged sword; without complete or updated environmental site assessments, these policies may exclude critical risks.
- Tenants often mistakenly believe they are protected by the landlord’s insurance, but specialized policies like Contractor’s Pollution Liability (CPL) and General Environmental Liability are crucial to cover potential pollution events.
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Transcript
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