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The Big Picture on Insurance and Climate Change

The Big Picture on Insurance and Climate Change . March 2007. Presented by: Emerging Issues Subcommittee of the ABA Litigation Section, Insurance Coverage Litigation Committee. Tangible property damage Business interruption Flood exclusions Pollution exclusions. Wind damage

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The Big Picture on Insurance and Climate Change

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  1. The Big Picture on Insurance and Climate Change March 2007 Presented by: Emerging Issues Subcommittee of the ABA Litigation Section, Insurance Coverage Litigation Committee

  2. Tangible property damage • Business interruption • Flood exclusions • Pollution exclusions • Wind damage • Coastal flooding • Beach erosion • 1st Party property damage • Liability MoreMegastormsSallie Krausskrause@genre.com • Construction defect = CGL • Engineering negligence = E&O • Pollution = E&O • Public works • Continued development • If flooding not sudden = known loss • If defective = CGL, E&O • Developed areas • Undeveloped areas • More flooding • Loss of ecosystems • Coastal inundation • Rising ocean temperatures MeltingIceDavid Godwindgodwin@cbmlaw.com • Impact on ecosystems / fisheries • Increased storms • Possible catastrophic failure (loss of thermohaline warming / Gulf stream) • Cold = 1st party property damage • Construction defect = CGL • Engineering negligence = E&O • Drought • New infrastructure costs • Early snow melt • Water supply disruption • Increased wild fires • Soil erosion • Economic sector disruptions • If defective ShiftingWeatherPatternsSusan Hogan susan.hogan@kg-law.com • Crop failures = crop insurance • Fire damage = 1st party property • Power outages = loss of inventory & = business interruption • Marine losses = marine insurance • Agriculture • Forestry • Fisheries • Utilities • Consumer goods (esp. auto) • Insurance • Engineering / mitigation • Tourism / recreation • Benefits v. losses • Regional deficiencies ClimateChange • Negligent design = E&O • Heat stress • Increased cancer risk • Infectious disease exposure • Marginal cold weather sports = bodily injury = CGL HumanHealthEffectsKaren Painter RandallKRandall@connellfoley • Life insurance actuarial risk • Health insurance costs • Regulatory liability = fines & penalties exclusions • Securities disclosure = D&O = pollution exclusion? • Pollution liability = EIL • Fossil fuel reductions • Emission controls • New technologies • New markets • Global coordination / regulation • Direct liability suits Response&RemediesWalter Andrewswandrews@hunton.com • Product liability = CGL products / completed operations • Design defect = CGL, E&O • Construction defect = CGL, E&O • Ecoterrorism = terrorism backstop / exclusions • Regional conflict / property damage = war / terrorism exclusions • CGL = pollution exclusion DisclosureDavid Brennerdbrenner@riddellwilliams.com • Misrepresentations = D&O • Guess wrong = D&O • Reporting/disclosure

  3. Tangible property damage • Business interruption • Flood exclusions • Pollution exclusions • 1st Party property damage • Liability • Wind damage • Coastal flooding • Beach erosion MoreMegastorms Sallie Krausskrause@genre.com • Construction defect = CGL • Engineering negligence = E&O • Pollution = E&O

  4. If flooding not sudden = known loss • If defective = CGL, E&O • Public works • Continued development • Developed areas • Undeveloped areas • More flooding • Loss of ecosystems • Coastal inundation • Rising ocean temperatures MeltingIce David Godwindgodwin@cbmlaw.com • Impact on ecosystems / fisheries • Increased storms • Possible catastrophic failure (loss of thermohaline warming / Gulf stream) • Cold = 1st party property damage

  5. Drought • New infrastructure costs • Early snow melt • Construction defect = CGL • Engineering negligence = E&O • If defective • Water supply disruption • Increased wild fires • Soil erosion • Economic sector disruptions ShiftingWeatherPatterns Susan Hogan susan.hogan@kg-law.com • Crop failures = crop insurance • Fire damage = 1st party property • Power outages = loss of inventory & = business interruption • Marine losses = marine insurance • Agriculture • Forestry • Fisheries • Utilities • Consumer goods (esp. auto) • Insurance • Engineering / mitigation • Tourism / recreation • Benefits v. losses • Regional deficiencies • Negligent design = E&O • Marginal cold weather sports = bodily injury = CGL

  6. Heat stress • Increased cancer risk • Infectious disease exposure HumanHealthEffects Karen Painter RandallKRandall@connellfoley • Life insurance actuarial risk • Health insurance costs

  7. Fossil fuel reductions • Emission controls • New technologies • New markets • Global coordination / regulation • Direct liability suits • Regulatory liability = fines & penalties exclusions • Securities disclosure = D&O = pollution exclusion? • Pollution liability = EIL Response&Remedies Walter Andrewswandrews@hunton.com • Product liability = CGL products / completed operations • Design defect = CGL, E&O • Construction defect = CGL, E&O • Ecoterrorism = terrorism backstop / exclusions • Regional conflict / property damage = war / terrorism exclusions • CGL = pollution exclusion

  8. Disclosure David Brennerdbrenner@riddellwilliams.com • Misrepresentations = D&O • Guess wrong = D&O • Reporting/disclosure

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