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1. Local man arrested for brandishing the 1st Amendment at politics-free market2. Nelsonville bypass may be ready as early as July3. Economics, health habits and stress are factors in high southeastern Ohio diabetes rates4. Poster highlights Athens’ pub scene5. Patterson, Knisely and Cochran win Dem nod for Athens City Council6. If you have video games you’d like to donate, contact library7. Ex-con, former gang-banger tells his cautionary tale8. Two loan funds have money tied up in struggling restaurant9. Don’t lose track of the fundamental mission of the Athens Farmers Market – local food10. Inmates decry alleged discrimination based on religion11. Free-speech protest at market not met with vendor applause12. County Engineer: Missing records from predecessor mean $300K in federal reimbursement on hold13. Escalating the war on hunger 14. Don’t believe the natural global warming stuff; it’s global elites15. Appeal: Denying student public defender was plain legal error16. Glass Harp ruled NE Ohio once upon a time17. Youngstown voters shoot down anti-fracking ballot measure18. Lenders unaware of business buyer’s out-of-state drug case19. New local summer street bash to help feed hungry20. City backs statewide injection-well ban
Home / Articles / Editorial / Letters / Fracking for gas, and the silence of the insurance companies
Wednesday, July 13,2011
Fracking for gas, and the silence of the insurance companies
To the Editor:
The debate over fracking has a silent participant in the insurance industry. It is extremely expensive to cover fracked lands. This can be learned by talking to a local agent, or going directly to industry sources by Googling "fracking insurance." Every state in the union has trade journals devoted to statistical and cost-benefit analyses calculating the risks for insurers and the insured.
The debate over fracking has a silent participant in the insurance industry. It is extremely expensive to cover fracked lands. This can be learned by talking to a local agent, or going directly to industry sources by Googling "fracking insurance." Every state in the union has trade journals devoted to statistical and cost-benefit analyses calculating the risks for insurers and the insured.
Apparently, fracked lands carry high environmental risks despite the "safety" claims being made by government officials and the energy industry. The following is a direct quote from an insurance trade journal (www.riskandinsurance.com/story.jsp?storyId=533335525):
"The (oil and gas) industry claims they are following all applicable laws, which they probably are. But that doesn't mean a whole lot when drinking water is only required to be tested once every six, eight or 10 years. There's no way gas companies are being charged the proper liability premiums to cover the environmental risk." -- Cyril Tuohy, Managing Editor, Risk and Insurance, April 1, 2011
Examples of risks that are expensive to insure against include "drinking water catching fire," "air quality degraded by chemical odors," "crops destroyed by toxic brine," "out-building destroyed by sink hole," "family member injured in earthquake," or "aquifer permanently destroyed after a flood."
Richard McGinn
Athens
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I did as you suggested and googled fracking insurance and guess what? The only references to homeowner's fracking insurance is to this op ed piece. And the link you posted, said nothing about homeowner's paying for the insurance. It specifically says the drilling company has to buy it. Better luck next time. But I seriously doubt it. If you don't do your homework now, there is no reasonable expectation that you will do it in the future.
Steven,
When you get your head in a tizzy, you lose skills (particalarly reading and thinking). Where did the OP suggest the landowner bought the insurance? The point was, I believe, that the insurance that is there is apparantly to cheap to actually cover the potential damage. Hence the quote;
'"The (oil and gas) industry claims they are following all applicable laws, which they probably are. But that doesn't mean a whole lot when drinking water is only required to be tested once every six, eight or 10 years. There's no way gas companies are being charged the proper liability premiums to cover the environmental risk." -- Cyril Tuohy, Managing Editor, Risk and Insurance, April 1, 2011'
Did you bother to google the other points?
You're so eager to bite at what you percieve as a threat to you or your status quo, or those you see as "libs" that you ignore the truths put before you.
We are sorry that you're such a petty, little man.
WARNING....fracking can also cause hair loss, vaginal itch, obesity, and restless leg syndrome.
So, Rocker, That's what happened to you.