A turning point for Environmental Reports
The age of solely relying on data in environmental risk assessment is over, with an already visible shift in the way professionals perceive risks such as contaminated land and flood. Where historically data alone was enough to accept due diligence, now both a professional opinion and interpretative or evidence-based modelling is a standard in assessing and managing these environmental hazards. However, until Terrafirma, this shift in due diligence process was not replicated in assessing the risks the ground pose.
Only by combining comprehensive and varied data sources with expert professional interpretation can a clear, accurate and reliable picture be built of the likely hazards present. Recent revisions in due diligence practice is beginning to change the way the risks such as mining, ground stability, planning and fracking are now perceived and acted upon. Ensure you & your client are informed by acquiring an expert report, driven by data but protected by a professional opinion and robust professional indemnity.
Why do the risks the ground pose matter?
Until recently, hazards such as sinkholes, subsidence and ground instability were seen to be a generic physical risk that could not be practically actioned, did not affect a property transaction or development and held no tangible links to any financial or legal liability. However, recent industry observations show an emerging risk averse nature to certain ground hazards that were not historically perceived as being a block to a transaction. Mine entries, mineral planning, Mines and Minerals on title, slope stability and coastal erosion to name just a few have all experienced a recent change in policy and a significant increase in lender refusals and insurance premium hikes.
It is now essential for professionals to replicate these changes in policy by implementing much stricter due diligence practice for these risks and to ensure you and your clients are informed and protected.
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Trust in Terrafirma by viewing the data providers that we work and partner with. Including, interpreting & transfering risk from all our partners data in our suite of search reports.