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The Big Picture on Insurance and Climate Change

Explore the impact of climate change on insurance coverage, liability, property damage, and human health effects. Dive into the response and remedies required for the shifting weather patterns and melting ice. Discover strategies for managing risks and mitigating losses.

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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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