FORM 20-F/A Brookfield Property Partners L.P. - Brookfield Asset ...

potentially asbestos-containing materials. Significant fines can be assessed for violation of these regulations.Building owners and operators may be subject to an increased risk of personal injury lawsuits by workersand others exposed to asbestos-containing materials. The regulations may affect the value of a buildingcontaining asbestos-containing materials. Federal, state and local laws and regulations also govern theremoval, release, encapsulation, disturbance, handling and/or disposal of asbestos-containing materials.Such laws may impose liability for improper handling or a release to the environment of asbestos-containingmaterials, including the imposition of substantial fines.The cost of compliance with existing environmental laws has not had a material adverse effect on theCompany’s financial condition and results of operations, and the Company does not believe it will havesuch an impact in the future. In addition, the Company has not incurred, and does not expect to incur, anymaterial costs or liabilities due to environmental contamination at properties it currently owns or has ownedin the past. However, the Company cannot predict the impact of new or changed laws or regulations on itsproperties or on properties that it may acquire in the future. The Company has no current plans forsubstantial capital expenditures with respect to compliance with environmental laws.Insurance — The Company carries insurance on its properties of types and in amounts that it believesadequately insure all of its properties and are in line with coverage obtained by owners of similar properties.The Company had two wholly owned captive insurance companies, Concordia Insurance L.L.C.(“Concordia”) and Chapman Insurance L.L.C. (“Chapman”) which were dissolved during 2008. Liberty ICCasualty, LLC was created to replace coverage provided previously by Chapman and Concordia.15. SUBSEQUENT EVENTSIn accordance with ASC Topic 855, Subsequent Events, the Company has evaluated subsequent events andtransactions up to and including March 29, 2012, which represents the date that the consolidated financialstatements were available to be issued and where necessary has made the appropriate disclosure.******F-93