Environmental Risks and Insurance: A Comparative Analysis of by Organisation for Economic Co-Operation and Development

By Organisation for Economic Co-Operation and Development

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Environmental risk and insurance: a problem of incentives In light of this modern and innovative attitude adopted by the industry, insurance seems to be an appropriate legal and economic tool available to complement both the liability system and the regulatory framework with respect to the environmental pollution risk. Modern environmental insurance would in fact solve, at least partially,94 the judgment proof (insolvency) problem that potentially undermines the effectiveness of any environmental liability regime and it would also increase loss prevention, by stimulating the adoption of tailored safety measures.

Gradual pollution events also present relevant aspects of generalized factual uncertainty: in most cases, pollution develops unnoticed and insidiously over a substantial period of time and it is very difficult to determine when it began and how long it lasted. The latency and the long terms effects characterizing gradual pollution phenomena, therefore, raise questions as to the adequacy of traditional trigger-of-coverage clauses, such as the “act committed” or the “loss occurrence” triggers. According to the “act-committed” formula, the wrongful act must have taken place during the period of validity of the liability policy, while under the “loss occurrence” clause, the injury or loss caused by the wrongful act must have occurred during the said period.

Of the civil code. 349/86: anyone who causes NO. 22/97. 22/97, the rule. 22/97: anyone who competent authority has the power to issue causes land, surface or groundwater to exceed compulsory cleanup statutory contamination limits, orders. or a significant and imminent threat of such harm. Site owners who are not involved in the polluting activity bear the liability if the causer can not be made to pay. STRICT LIABILITY STRICT LIABILITY, both under the UHG and the BSG. PRESUMPTION OF CAUSATION (§ 6 UHG).

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