Full Description
The authors took the European Commission 2000 White Paper on Environmental Liability as the occasion for a critical analysis of the efficiency and insurability of various environmental liability regimes. Traditional insurance is examined, but also alternative arrangements for financial security, such as compensation funds. In addition, various case studies present the availability of financial or insurance coverage for natural resource damage. Combining economic insights with an analysis of the practice in various countries like Austria, Germany, Italy, Spain and the USA empirical evidence is provided for the way in which insurance and financial markets respond to environmental liability regulations. This is the first study discussing the criteria for insurability of environmental harm in a systematic manner, both from a legal and an economic/insurance perspective.
Contents
Editorial Foreword and Introduction Financial Assurance Issues of Environmental Liability Introduction Principles of Liability: A Theoretical Framework Possible Defences Main Principles in a Few Legal Systems Insurability of Environmental Harm Compulsory Insurance? Financial Limits on Liability? Interdependencies Between Liability and Insurance Alternatives to Liability Insurance Summary and Policy Recommendations Market-Based Analysis of the Financial Assurance Issues of Environmental Liability A Market-Based Analysis of Financial Insurance Issues Associated with US Natural Ressource Damage Liability A Market-Based Analysis of the Financial Assurance Issues of Environmental Liability Taking Special Account of Germany, Austria, Italy and Spain Concluding Remarks Concluding Remarks List of References Annex 1: White Paper on Environmental Liability Annex 2: Technical Annex Index
