05 Jan '12, 3pm

The eerie quiet of the insurance industry

The eerie quiet of the insurance industry

Clearly, the insurers are watching. In 2010, Munich Re published a 26-page report [PDF, download ] about the climate liability issue. Kevin Haroff, a partner with Shook Hardy & Bacon who represents insurance companies, among others, said courts may be willing to hear climate-related claims that could cost corporate defendants many millions, if not billions, of dollars. But Prof. Richard Stewart of NYU law school said the risks to polluters are very small. “Plaintiffs seeking compensation for storm damage or flooding, for instance, linked to climate change face insurmountable hurdles in proving that the defendants caused their harm.” So far, the suits haven’t made much headway. Still, a small company called the Steadfast Insurance Co. sued the utility AES and won a judgment affirming that Steadfast was not required under the corporate general liability (CGL) policy it issue...

Full article: http://www.marcgunther.com/2012/01/05/the-eerie-quiet-of-...

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