The US Justice Department yesterday filed a suit against oil giant BP, and eight other companies, including Lloyd’s of London insurer QBE as it attempts to recover billions of dollars under the Oil Pollution and Clean Water Acts following the Deepwater Horizon Gulf oil spill.
The CEA has responded to criticism of a ‘negative’ approach to mandatory financial security for the Environmental Liability Directive, and the search for alternative insurance solutions, from a leading environmental liability lawyer.
The CEA has been criticised for its ‘negative’ approach to mandatory financial security for ELD liabilities and challenged to come up with constructive alternatives by leading environmental liability lawyer Professor Valerie Fogleman, Consultant, Stevens & Bolton LLP and Professor of Law, Cardiff University, at CRE’s Malta International Risk & Insurance Congress.
Following a recent report from the European Commission on the Environmental Liability Directive (ELD) that suggests it is considering intervention to help develop an insurance market to address the regime’s liabilities, Phil Bell, Group Casualty Director at Royal Sun Alliance and Chairman of the CEA’s general liability steering group, argues that it should be left to market forces.
A recent report from the European Commission suggests that it is looking to beef up the Environmental Liability Directive [ELD] sooner rather than later, in order to plug weaknesses and gaps in the Directive.
Despite an 8% budget cut for the UK’s Department for Environment, Food and Rural Affairs, announced in its governments spending review yesterday, investment in UK flood defences is set to increase by as much as £2bn over the next four years, according to Risk Management Solutions.
The disaster in Hungary, which has seen toxic sludge escape from a reservoir in the city of Ajka, should serve as a warning to companies with industrial operations in Europe that the Environmental Liability Directive [ELD] will leave no place to hide, according to Aon.
A new United Nations-backed study has estimated that the world’s top 3,000 companies by market capitalisation caused some $2.15tn of environmental damage in 2008, about one third of all damage caused by human activity.
Munich Re announced an ambitious plan during the Monte Carlo reinsurance market Rendez-Vous to open talks with the US government about the creation of a new facility to deliver liability coverage of up to $20bn for risks caused by oil drilling operations in the Gulf of Mexico.
Spanish companies are seriously ill-prepared for the expected rise in environmental liabilities following the introduction of the Environmental Liability Directive according to recent research commissioned by ACE Iberia.