Environmental insurance

Environmental insurance is a combination of various types of environmental risk insurance ^[1] aimed at creating insurance cover in case of damage to policyholders , insured parties and third parties ( beneficiaries ) as a result of sudden excess pollution of the environment (land, water or air).

The environmental insurance system includes the following types:

liability insurance of legal entities (organizations, enterprises, institutions) that are sources of increased danger for environmental damage, carrier liability (dangerous goods), etc .;
property insurance (insurance of land or other real estate, including buildings) in case of damage caused by an environmental accident or disaster ;
personal insurance of citizens: life and health insurance for employees of organizations (enterprises, institutions) belonging to the category of sources of increased danger, or citizens located in a territory potentially affected by sources of increased danger.

The Institute of Environmental Insurance appeared as a result of the presumption of environmental hazard of the planned economic and other activities. A distinctive feature of environmental insurance is also the ability to compensate for uncertain emergency damage ^[2] .

Environmental risk insurance is especially important for enterprises of the fuel and energy complex ^[3] ^[4] , as well as during transportation of crude oil and oil products ^[5] . An example of such insurance is liability insurance of tanker owners for environmental pollution by oil and oil products - TOVALOP .

Content

Mandatory environmental insurance

In a number of countries, environmental insurance is introduced by law as mandatory or is listed as one of the options for mandatory financial guarantees. Among them

USA ^[6] ;
Azerbaijan (since 2002);
Kazakhstan (since 2005) ^[7] ;
Turkmenistan (since 2011) ^[8] ;

In Russia, the first attempts to develop and implement compulsory environmental insurance were made in 1994 and in 2002 ^[9] . At the end of 2013 and the beginning of 2014, the topic of introducing compulsory environmental insurance again becomes relevant and is actively discussed by insurers and the Ministry of Natural Resources and Ecology ^[10] ^[11] .

Links

Burda, Daria. Environmental Insurance Act (Neopr.) . " Parliamentary newspaper " (May 30, 2013). - In November of this year, the Permanent Commission on Agrarian Policy, Natural Resources and Ecology of the IPA CIS reviewed and approved the proposals for the development of a new version of the Model Law “On Environmental Insurance”. Date of treatment December 16, 2013.
Shirmanova, Tatyana. Environmental insurance can be made mandatory (neopr.) . Izvestia (October 25, 2013). - Prime Minister Dmitry Medvedev at a workshop on the safety of oil and gas production raised the issue of introducing mandatory environmental insurance. Date of treatment December 16, 2013.

Notes

↑ Efimov S.L. Environmental risk insurance // Economics and Insurance: Encyclopedic Dictionary . - Moscow: Zerich-PEL, 1996 .-- S. 308. - 528 p. - ISBN 5-87811-016-4 .
↑ Akhatov A.G. Environmental insurance as a basic element of the economic mechanism of environmental protection and nature management in the context of environmental safety: problems of legal regulation // Eurasian Law Journal / Eurasian Law Jornal. M., No. 19, 2009, ss. 103-109, ISSN 2073-4506
↑ Markin, Yuri. A leak is expensive (unopened) . Russian Business Newspaper (December 17, 2013). - Environmental damage is difficult to assess. Date of treatment December 17, 2013.
↑ Akhatov A. G. Obligatory state insurance of environmental risks in the oil and gas sector of the Russian economy as the main financial and economic mechanism for ensuring state environmental safety // EPR: J. Ministry of Industry and Energy of Russia.- M., 2005, special issue No. 6, ss. 16-19.
↑ Akhatov A.G. Environmental responsibility of business and the formation of corporate environmental policy in the oil and gas sector of the Russian economy // Drilling & Oil.- M., ss. 50-54.
↑ Environmental Insurance in the USA (Neopr.) . “Financial newspaper. Regional release ”(November 15, 2001). - Until the 80s, environmental risks were relatively small and included in the United States in general liability insurance policies that provided protection for a wide range of risks. However, in the 80s, environmental risks began to be insured separately, which was associated with the expansion of compulsory environmental insurance and the establishment of strict standards of environmental responsibility. Date of treatment January 14, 2014.
↑ “On Compulsory Environmental Insurance”. The Law of the Republic of Kazakhstan dated December 13, 2005 N 93
↑ Mandatory environmental insurance (neopr.) Is introduced in Turkmenistan . Interfax (February 11, 2013). - President of Turkmenistan Gurbanguly Berdimuhamedov signed a decree according to which, from March 1, 2013, compulsory environmental insurance is introduced in the country for enterprises engaged in environmentally hazardous activities. Date of treatment January 14, 2014.
↑ Grishina, Tatyana. Insurers were offered to make money on the environment (neopr.) . Kommersant No. 97 (June 2, 2002). - At the parliamentary hearings in the State Duma, insurers were offered a new type of earnings - compulsory insurance of environmental risks. According to the bill presented yesterday, every company that could upset the ecological balance will be required to buy such insurance. Date of treatment January 14, 2014.
↑ Eco-citizen for business. Damage to nature will be paid by the insurance company (neopr.) . " Parliamentary newspaper " (July 5, 2013). Date of treatment August 25, 2008.
↑ Insurers advocate the creation of a holistic system of insurance of environmental risks in the Russian Federation (neopr.) . Finmarket (January 14, 2014). - The creation of a draft law on environmental risk insurance in Russia has been discussed by lawmakers and specialists over the past few years, ideas have been recognized as “raw”. Date of treatment January 14, 2014.

Literature

Bashkin V.N. Environmental risks. Calculation, management, insurance. - M.: Higher School, 2007, 360 pp., Circulation of 3000 copies., ISBN 978-5-06-005559-7
Motkin, G.A., Fundamentals of Environmental Insurance, Moscow: Nauka, 1996., 192 p., ISBN 5-02-010687-9.
Motkin G. A. Political and economic barriers in the development of environmental insurance // Environmental Law. - M., 2006. - N 3. - ss. 24-30.

[1] Efimov S.L. Environmental risk insurance // Economics and Insurance: Encyclopedic Dictionary . - Moscow: Zerich-PEL, 1996 .-- S. 308. - 528 p. - ISBN 5-87811-016-4 .

[Eco-2] Akhatov A.G. Environmental insurance as a basic element of the economic mechanism of environmental protection and nature management in the context of environmental safety: problems of legal regulation // Eurasian Law Journal / Eurasian Law Jornal. M., No. 19, 2009, ss. 103-109, ISSN 2073-4506

[3] Markin, Yuri. A leak is expensive (unopened) . Russian Business Newspaper (December 17, 2013). - Environmental damage is difficult to assess. Date of treatment December 17, 2013.

[4] Akhatov A. G. Obligatory state insurance of environmental risks in the oil and gas sector of the Russian economy as the main financial and economic mechanism for ensuring state environmental safety // EPR: J. Ministry of Industry and Energy of Russia.- M., 2005, special issue No. 6, ss. 16-19.

[5] Akhatov A.G. Environmental responsibility of business and the formation of corporate environmental policy in the oil and gas sector of the Russian economy // Drilling & Oil.- M., ss. 50-54.

[6] Environmental Insurance in the USA (Neopr.) . “Financial newspaper. Regional release ”(November 15, 2001). - Until the 80s, environmental risks were relatively small and included in the United States in general liability insurance policies that provided protection for a wide range of risks. However, in the 80s, environmental risks began to be insured separately, which was associated with the expansion of compulsory environmental insurance and the establishment of strict standards of environmental responsibility. Date of treatment January 14, 2014.

[7] “On Compulsory Environmental Insurance”. The Law of the Republic of Kazakhstan dated December 13, 2005 N 93

[8] Mandatory environmental insurance (neopr.) Is introduced in Turkmenistan . Interfax (February 11, 2013). - President of Turkmenistan Gurbanguly Berdimuhamedov signed a decree according to which, from March 1, 2013, compulsory environmental insurance is introduced in the country for enterprises engaged in environmentally hazardous activities. Date of treatment January 14, 2014.

[9] Grishina, Tatyana. Insurers were offered to make money on the environment (neopr.) . Kommersant No. 97 (June 2, 2002). - At the parliamentary hearings in the State Duma, insurers were offered a new type of earnings - compulsory insurance of environmental risks. According to the bill presented yesterday, every company that could upset the ecological balance will be required to buy such insurance. Date of treatment January 14, 2014.

[10] Eco-citizen for business. Damage to nature will be paid by the insurance company (neopr.) . " Parliamentary newspaper " (July 5, 2013). Date of treatment August 25, 2008.

[11] Insurers advocate the creation of a holistic system of insurance of environmental risks in the Russian Federation (neopr.) . Finmarket (January 14, 2014). - The creation of a draft law on environmental risk insurance in Russia has been discussed by lawmakers and specialists over the past few years, ideas have been recognized as “raw”. Date of treatment January 14, 2014.