Forum

Insurance Business forum is the place for positive industry interaction and welcomes your professional and informed opinion.

Notify me of new replies via email
Insurance Business | 02 Jun 2014, 08:34 AM Agree 0
Major insurance companies are being called on to explain whether climate change denying corporate executives can rely on their D&O insurance policies if they are hauled into court.
  • Vic Broker | 02 Jun 2014, 09:47 AM Agree 0
    I think they'll find that information to be private and confidential - nice try though
  • Robert Cooper | 02 Jun 2014, 10:14 AM Agree 0
    An interesting debate because an insurer's defence will always be to prove it was a wilful or deliberate act on the part of the Director. As we all know, deliberate and wilful acts are not covered. However, innocent Directors out voted but dragged in to a dispute because they were part of the decision making process, should be able to protect themselves with cover.

    The last thing we want to see is a "Y2k" type broad exclusion from insurers and raising this as an issue may possibly do this.
  • Wayne | 02 Jun 2014, 11:02 AM Agree 0
    Good onya WWF, make the bastards accountable.
  • John Hallman | 02 Jun 2014, 02:04 PM Agree 0
    Utter B/S there has always been climate change !!! These people started out calling it Global Warming. Now they have softened it to climate change. The temperature has been dropping for the last 15 years. Thats climate change. The same people told us in the 70's that we were going into an ice age within 15 years, that we were going to run out of oil in the 90's, plus all the planes were going to fall out of the sky because of the Y2K bug. Then it was global warming, now it was climate change !!! I am still waiting for the ice age that was due in the 80's 90's then I might believe them. Australians are still farming successfully the same areas that hey have for the last 40 to 50 years. Leanne Minshull get your facts right about Australian farming before you make outlandish claims.
  • Denise Katzman | 02 Jun 2014, 11:47 PM Agree 0
    Good due diligence.

    Why isn't CHUBB & Federal Insurance included on the insurer list.

    THKZ
  • Antisceptic cream | 03 Jun 2014, 05:02 PM Agree 0
    Always love to hear the climate change sceptics pop up in the comments. Unfortunately though, whether climate change has always been occurring or not, these are risks all businesses need to manage to be able to continue to exist into the future.
    There is no doubt that there are greater extremes of weather around the world. More intense heat causes more evaporation accorss the oceans and land resulting in more being dumped elsewhere. So we have very dry conditions in one area of the world causing more drought and more dryness and more intense Wild fires. Then on the other side of the world, all this moisture is dumped in areas that cannot cope with the high volume of water in ever increasing shorter spaces of time, causing floods. Increased moisture causes increased Storm events.

    It is affecting farms. The fact is more farms are battling to cope with issues of Drought. If they become more regular and more intense, more and more will just walk off the land, and that is happening in greater numbers now.

    It is not a case of arguing if this has always happened. We have to manage the risks more effectively and adapt to climate change. If companies are not seen to be managing these risks effectively, then they will be held accountable. If they fail in their duty of care, to deal with the threats and challenges that could affect stakeholders with an interest in the performance of this company, then those stakeholders may well take legal action against them. This will involve the personal liability exposures of the Directors and Officers of the firm.
    This is the essence of the article. The question is, are Insurers factoring in these increased risks into their premiums or policy coverage.
Post a reply