Skip to main content

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

Comment Preferences

  •  Insurance does not solve any problems. (0+ / 0-)

    If an oil or gas well is causing a problem with groundwater or surface water because of an underground blowout or because of careless wellhead area activities, no insurance policy is going to resolve such problems which must be addressed by the operator in some manner for resolution.

    •  Insurance will incentivize care (6+ / 0-)

      Fire insurance doesn't prevent fires, but encourages care.

      (Flood insurance ...bad example...)

      Car insurance encourages careful driving but doesn't prevent accidents, injury and death.  It even encourages (through the threat of product liability litigation) sound vehicle design and assembly.

      Still, that's a way we share risk; and a way we help lessen risk.

      Under this scheme I think careless drillers will find their rates going up; and drillers with a proven record of care will be rewarded with lower rates on new projects and rebates on successfully (meaning no damage) projects.

      The threat of litigation also encourages some care.

      Sound regulation, too encourages some care.  But I think we have a lot of regulatory capture at federal and state level.

Subscribe or Donate to support Daily Kos.

Click here for the mobile view of the site