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View Diary: Should New York State Require Frackers to Buy Watershed Insurance? (78 comments)

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  •  And the public is the 'insurer' of last resort (11+ / 0-)

    when private corporations are allowed to pollute without regulation, oversight and accountability, and insurers refuse to begin to cover the real magnitude of losses. The liability will get pushed onto tax payers, especially when businesses refuse to calculate using real risks, refuse to even consider and operate based on these real risks of enormous costs of failure and deadly damage to the public. If the risks are not calculable, no insurer will dare to insure them. It will be end up as a FEMA disaster problem and a public order problem to manage with law enforcement.

    I'm not sure how to begin to actuarially value long term damage to a freshwater aquifer or surface body of water...how does one accurately set a present value on such a loss to many future generations of the public (and to other businesses and government bodies who rely on the availability of clean, low cost fresh water)?  

    What is the present or future value of public health and safety? What might be the true future cost to uproot and re-establish entire cities of people and businesses, and to write off the values of their lands and property? That's a cost I do not think could be met by any system of tax-deductible items, tax write offs or tax credits. And I don't believe premiums can be plausibly calculated, especially not ones that fully reflect the costs or costs that business would suck up and pay (without strong force of law). And if they refuse to operate responsibility and with accountability, they'll seek 'indemnification' from Congress, treating as their risk management costs (premiums as it were) their fat contributions to safe-guard their present and future liabilities to the public.

    When life gives you wingnuts, make wingnut butter!

    by antirove on Thu Aug 22, 2013 at 03:58:37 PM PDT

    [ Parent ]

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