Impact models for large scale flood risk assessment have made leaps forward in the past few years, thanks to the increased availability of high resolution climate projections and of information on local exposure and vulnerability to river floods. Yet, state-of-the-art flood impact models rely on a number of input data and techniques that can substantially influence their results.
These trends could have important implications for potential liability exposures of directors and officers of public companies. On April 17,the EPA released a proposed "endangerment finding" with respect to six greenhouse gases including carbon dioxide. Supreme Court decision in Massachusetts v.
EPA discussed at length here. However, if the proposed finding is adopted, regulatory and even legislative action seems probable, especially given the politics and inclinations of the current President and Congress.
Indeed, the adoption of the proposed finding could motivate legislators to act preemptively, to try to avert regulatory provisions they might find unacceptable. That is, the proposed finding not only concludes that climate change "impacts human health in several ways" such as increased threat of catastrophic weather activity or harm to water and other natural resourcesbut also that the effects of climate change will have a "disproportionate impact" on certain vulnerable segments of the populations, such as the very poor, the elderly and those already in poor health.
Many of the industries and companies likeliest to be affected already are under pressure to anticipate these changes and assess their possible future impact.
The most recent effort to mandate these kinds of assessments is the disclosure requirement adopted on March 17, by the National Association of Insurance Examiners NAIC. The Survey is designed to require the insurers to disclose "the financial risks they face from climate change, as well as the actions the companies are taking to respond to those risks.
Another industry under pressure to analyze and assess climate change impacts is the utilities industry. As discussed herein AugustNew York Attorney General Andrew Cuomo reached the first of several regulatory settlements with utilities companies, in which the settling companies agreed "to disclose financial risks that climate change poses to investors.
Other obvious possibilities include auto manufacturing; oil and gas extraction, production and distribution; transportation and shipping; mining; agriculture; tourism; and forestry. But the comprehensive nature of climate change suggests that the potential impacts will not be restricted just to these more obvious industries; the regulatory and the physical impacts of climate change are likely to extend to any business that is engaged in manufacturing; owns or operates vehicles; owns or operates buildings or other physical facilities; or has any other process or activity that has carbon outputs.
In other works, the impacts could well reach every company and enterprise. This assessment may seem overly dramatic, but at a minimum it seems likely that the kinds of disclosure requirements now facing insurance companies and the utilities industry could come to be expected of many other companies.
As Cuomo said in connection with the settlement described above, he expects that the disclosure requirements will "establish a standard. But whether or not they ultimately happen, the prudent course would seem to be to anticipate that they will. Which leads to the point referenced above, about the prospect that insurers could wind up driving change for many other companies.
That is, with insurers themselves obliged to start reporting next May among other things on what steps they are taking to engage and educate policymakers and policyholders on climate change, one possibility is that insurers could take the lead in communicating the message that prudent companies should assume that these changes are coming.
Insures could wind up spurring their policyholders to undertake the same kind of risk assessment and disclosure that Cuomo is requiring in the regulatory settlements with the utilities. In any event, whether or not insurers actually take that step, well-advised companies may independently conclude on their own that given the possible regulatory and physical impacts of climate change, risk assessment and disclosure is simply prudent.
One of the lurking dangers when a single issue predominates, as the global financial crisis recently has, is that all other concerns may seem trivial and unimportant by comparison.
For many companies, especially those outside the insurance and utilities industries, climate change issues may now seem subordinate and remote to the point of irrelevance. But when we finally emerge from the current crisis, we may find that the climate change risks loom larger than ever and are more important than anyone now imagines.
This is not the first time I have raised these climate change related issues refer for example here. I know there are those who think I am alarmist about this issue, and I suppose the skeptics could be right.
And allow yourself for a moment to consider the possibility that the risk assessments in the EPA report could actually come to pass. That was exactly the logic that led Detroit to keep grinding out SUVs and Hummers for the last twenty years, when more forward-looking competitors were already capturing market share by making hybrid vehicles.
Somehow, on Earth Day, these issues seemed particularly important for me. And for my kids.
The exclusion can only exclude what might otherwise be meant to be covered by the policy but for its relationship to something the carrier does not want to cover.
For example, auto-related claims are better covered on a Commercial Auto policy. There are policies specifically designed to cover pollution incidents.
They are designed to cover cleanup, BI and PD among other things arising out of a covered pollution incident, regardless of whether the claim is against the corporation or a Director or Officer also deemed to be insured under the policy.
The knowledge of this person, generally speaking, is what is used to impute the knowledge of the corporation. When such a person exists within a company, it is generally this person that will fill out the PLL applicaiton when seeking to obtain PLL coverage.
This is true whether or not this person is an officer or director.You've all seen lots of articles on climate change, and here's yet another New York Times article, just like every other darn one you've seen. Or else climate change will effect or give risk towards everything including humans, flora and fauna, and the environment Risk and Impact One of the risks of climate change is how it will affect the people.
Climate change will have a huge impact on the people’s health. Essay on Climate Change Climate change is a long. Climate Risk Management publishes original scientific contributions, state-of-the-art reviews and reports of practical experience on the use of knowledge and information regarding the consequences of climate variability and climate change in decision and policy making on climate change responses from the near- to .
[ Yet another wise, thoughtful, and wide-ranging essay from my favorite writer of the many facets of a civilization about to decline as it is starved of the fossil fuels that feed it. The Intergovernmental Panel on Climate Change (IPCC) stated that the extent climate change effects on individual regions will vary over time and with ability of different societal and environmental systems mitigate or adapt to change (The Intergovernmental Panel on Climate Change).
Climate change adaptation is a response to global warming (also known as "climate change" or "anthropogenic climate change"), that seeks to reduce the vulnerability of social and biological systems to relatively sudden change and thus offset the effects of global warming.
Even if emissions are stabilized relatively soon, global warming and its effects should last many years, and adaptation.