By Christopher Alviggi, ARM
Senior Vice President
Institutional capital is abundant, and often times this capital is deployed to warehouse development opportunities to support global supply chains.
Many “last mile” sites have checkered environmental pasts and require significant remediation and/or engineering controls prior to going vertical. During the course of remediation and development, unexpected environmental events occur, halting all work and eviscerating timelines caused in part by project delays.
Remedial work is often complemented by the construction of engineering caps, which are designed to prevent new releases. Sometimes, caps are damaged or destroyed during construction, resulting in new pollution releases. Projects stop and remain paused until regulators approve a restart. During work stoppages, expenses — interest on project financing, real estate taxes and other assessments, promotional expenses, and fees for architectural, engineering and consulting services — continue to accrue, leaving program sponsors scrambling.
Overcoming the frustration and expense of the challenges requires owners interest contractors pollution liability coverage. This policy, available through NFP’s environmental team, provide coverage for these issues, including monetary damages resulting from work stoppages. In addition to offering the staples of contractors pollution liability, the coverage upgrade provides a cost-effective hedge against unexpected slippage in soft costs arising from pollution events.
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About Christopher Alviggi
Chris has 20 plus years of accretive insurance brokerage experience which include a breadth of insurances, each with unique risk profiles. Most of Chris’ day is spent focusing on remediation and development of last mile assets, most of which are environmentally challenged. Chris works closely with clients and deal team to identify sites, and then quantify/transfer contractually assumed or created environmental liabilities culminating from “the dirt.” Chris frequently shares his opinions on environmental matters from domestic and international perspectives. Furthermore, Chris is quite capable of guiding clients from remediation stage up to and including site development and operational risks.
Prior to starting NFP’s Environmental Insurance Vertical, Chris held numerous senior-level positions within National and International Risk Management & Brokerage firms.
Chris earned an MBA in International Finance/Risk Management and a Bachelor’s of Business Administration in Finance from the College of Insurance, which is now part of St John’s University (Queens NY).
Chris resides in Monmouth County, New Jersey and is married to Linda with two children, Alexis and Nicholas.