Data intelligence and environmental information provider Terrafirma has launched a risk and liabilities report designed to enable property professionals to better identify, manage and resolve ground and environmental hazards.
The Ground Report includes expert professional opinion, risk assessment and risk transfer data.
Terrafirma has said that the report uses data-driven technology solutions to model and intelligently analyse the potential impact of all man-made and natural ground perils on property and land purchases, mortgage lending and development activity.
The company has said that the report also satisfies new best practice guidance on mining and natural ground perils, published by he Law Society in the 25th Edition Conveyancing Handbook.
The report translates the risk from all mining activity, subsidence, sinkholes, radon, fracking, and mineral planning activity to enable property purchasers and property professionals alike to better understand the ground.
Additionally, Terrafirma has said that it has become the first commercial company to be licenced to produce the CON29M legal form, and the report includes an integrated official Terrafirma CON29M (2018) Coal Report.
Terrafirma has said that new report includes expert evidence-based modelling. “It not only assesses the risk of a potential hazard but also intelligently analyses a proof of movement database, that includes over 120,000 investigated subsidence claims and almost 10,000 sinkholes,” said the company. “The unique ground movement module also includes never-before-seen space data from our partner CGG’s Insar data from Sentinel-1 satellite.”
Terrafirma founder and CEO Tom Backhouse said: “The many and varied physical, financial and legal risks associated with the ground have now been recognised as an environmental issue, comparable to the problems posed by contaminated land and flood.
“This is reflected in the recent changes to best practice. Natural and man-made ground perils present a very potent threat to properties and it’s essential that property purchasers and property professionals alike are armed with all of the information in order to make an informed decision.
“Using innovative data-driven and satellite-based technology, the Ground Report translate complex environmental issues into dynamic next steps, with market-recognised and trusted expert professional opinion to ensure the necessary parties are fully informed. They are supported by terms and conditions containing £10M professional indemnity per report, ensuring that all liabilities are transferred from the solicitor or purchaser to us.”
The Terrafirma Ground Report includes:
- The first integrated official Terrafirma CON29M (2018) Coal Report, as licensed by The Law Society, using Coal Authority licensed data.
- All other mining searches (e.g. tin, metalliferous, limestone, chalk, gypsum, clay, brine, Bath Stone).
- Expert professional opinion on natural clay-related subsidence, assessing not only British Geological Survey data but pioneering University-researched soil models.
- All known Natural Ground Perils, including slope stability, running sands, sinkholes and erosion.
- Mineral planning and oil and gas extraction activity (including fracking).
- Comprehensive information on the risk of radon exposure.
- World’s first commercial modelling of satellite-derived Surface Deformation data analysed in our expert evidence-based models.