In September 2008, the Argentinian government implemented an enviromental insurance law requiring all businesses handling potentially hazardous materials to hold environmental insurance. The insurance is meant to cover environmental damage to the country. Policies will cost from $44,000 to $5.8 million dollars.

A local example of how this type of insurance might be applied is the former Cooperative Service Station on the southwest corner of Albert St. and 12th Ave. in Regina.  The underground storage tanks leaked and the land had to be cleaned up before any new development, in this case an office building, was made. In some cases, expensive ventilation systems are needed to remove any potential for fumes or contaminants to build up and be hazardous to current occupants.

Environmental insurance is said to include pollution legal liability, pollution and remediation legal liability coverage, clean-up, warranty and indemnity wraps. It is currently being sold for brownfield redevelopments or when the land is being sold and potential pollution or contamination of adjacent lands is identified as a possibility. Brownfield development is where previously contaminated land like old automobile service stations, railyards or old industrial properties are being redeveloped into new uses.

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