Tag: environmental insurance

Nature Conservancy purchases an insurance policy to cover Hawaii’s coral reefs

Julie Campbell
Insurance policy - Coral Reef with fish

The nonprofit is the first organization to obtain coverage for the coral’s repair following coastal storms. Coastal storms in Hawaii have been damaging already threatened coral reefs and the Nature Conservancy nonprofit has now purchased an insurance policy to repair that damage. State officials cannot afford to implement the repairs that the coverage will pay the nonprofit to do. This first-of-its-kind insurance policy approach to climate change is an effort to obtain the necessary funding to help the coral reefs in Hawaii to keep up with the worsening storms. This…

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Environmental liability insurance market takes off as regulators crack down on pollution

H. Cutner
Environmental liability insurance - Air Pollution - smoke

As standard property or general liability policies don’t cover enough, pollution coverage is increasingly common. Environmental liability insurance is rapidly growing in popularity as exposures have grown beyond the coverage from general liability and standard property policies. Claims relating to pollution and the environment are frequently complex as well as expensive. The complexity and cost relating to issues relating to pollution have sent underwriters to step away from risks relating to pollution. This has left a gap open for environmental liability insurance products to fill. The market in many countries…

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Environmental liability insurance system rejected in Europe

Julie Campbell
environmental liability insurance

The European insurance and reinsurance federation has decided that compulsory coverage would not be beneficial to consumers. Insurance Europe, the European federation for insurance and reinsurance coverage, customers would not be able to benefit from a compulsory form of environmental liability insurance system, and for that reason, it does not recommend the introduction of that type of program. This federation is made up of thirty four different members across Europe’s national associations. According to a statement from the federation, “An EU-wide compulsory environmental liability insurance system would not benefit customers…

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No end in sight for severe drought in Texas

S.Vagus

Drought continues to grip much of the Southern U.S. and there seems to be no end in sight. Texas was due for some mild relief from Tropical Storm Don as it made its way from the Gulf to bathe Southern Texas with rain. However, the storm vanished as it approached land, like an illusory oasis in the desert. What should have brought modest relief to a state that has struggled with drought since October of last year proved only to spur worry. Concerns regarding the drought are highest among ranchers…

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