Of these four incentives, the insurance program is worth describing in more detail and involves the new Brownfields Redevelopment Access to Capital Program (BRAC) and its Brownfields Insurance Program. The insurance program provides environmental insurance for the developer and a Secured Creditor Policy for the lender. According to information describing the program, the environmental insurance is "state-of-the-art, pre-negotiated, state-sponsored, and subsidized." The insurance program is intended to cover both remedial cost overruns and liability arising from newly discovered pre-existing environmental contamination. The borrower is also provided business interruption coverage, certain legal defense coverage, and is eligible to have at least 50 percent of the premium costs for the insurance policies be subsidized by BRAC. Liability coverage for known contamination is not so easy to come by. The important aspect of this program is protection for your lender, an issue that can be a deal-breaker when the lender is not protected from loss due to a default on cleanup and construction loans. 

Another innovative program designed to improve the turnover of degraded properties is called BF-JUMP START, which is a collaborative effort between the Governor's Office for Brownfields Revitalization, The Executive Office of Environmental Affairs, and the Department of Economic Development. The program is designed to join buyers and sellers of Brownfields by producing a widely available listing of such properties. The listing of such properties is voluntary and can only be done by those with ownership or control of the property. 

Buyers may request listings through the BF-JUMP START Buyer Database by providing via e-mail (to todd.fernandez@state.ma.us) a contact name, company name, address, phone and facsimile numbers, and e-mail address. Listings will be sent by e-mail only. Sellers must fill out an application form and be prepared to provide site plans, photographs, etc. Questions can be answered and copies of forms obtained through the Governor's Office for Brownfields Revitalization at (617) 973-8989. It should be noted that the BF-JUMP START Buyer Database is different from the Site Finder Service offered by the Massachusetts Alliance for Economic Development (MAED). This latter service, while it may include contaminated sites, is intended to match specific criteria provided by industrial and research/development buyers to available properties (call 617-247-7800 for more information).