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Home / Articles / Editorial / Letters /  Fracking for gas, and the silence of the insurance companies
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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.

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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REPLY TO THIS COMMENT

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.

 

REPLY TO THIS COMMENT
b

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.

 

REPLY TO THIS COMMENT

WARNING....fracking can also cause hair loss, vaginal itch, obesity, and restless leg syndrome.

 

REPLY TO THIS COMMENT
b

So, Rocker, That's what happened to you.


 


 


 

 

 

 
 
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