Environmental Assurance Act of 1989

Environmental Assurance Act of 1989 - Directs the Secretary of Commerce to conduct a study on possible roles of the Federal Government in transfers of real property. Requires such study to: (1) take into account the effect of Federal, State, and local environmental liability statutes and regulations on such transfers; (2) explore the role of environmental liability insurance in such transfers and in environmental remediation; and (3) assess the long-term financial and health effects of environmental impairment and the types of insurance that can best protect against environmental impairment and contribute to remediation efforts.

Directs the Secretary to report to the Congress on such study and to include recommendations for ensuring the soundness of the environmental liability financial assurance market and encouraging the development of practices for real estate transfers that ensure the complete remediation of environmental hazards.