The power of states and individuals to bring action in the case of an environmental event remains intact despite the new administration's proposals.
Clyde & Co attorney Kevin Haas and other industry professionals weigh in on the effect of potential changes in regulation.
Even as the Trump administration takes steps to ease environmental regulations and defund the Environmental Protection Agency, insurance and environment experts expect little change in companies’ environmental stewardship or long-term responsibilities.
“I expect companies to stay the course of social and environmental responsibility,” responding to their own corporate cultures, the long-tail nature of environmental claims, tort law and regulations by each state’s Department of Environmental Protection (DEP), said Tom Williams, head, environmental liability, North America, Allianz Global Corporate & Specialty.
“Administrations may end in four years, but environmental liability keeps on going.” – Avram J. Frankel, principal, Integral Consulting Inc.
“Underwriters will still look for companies to take environmental and health and safety programs seriously,” said Marcel Ricciardelli, lead environmental insurance underwriter, Allied World.
“We look for a history of robust environmental risk management.”
The long-tail nature of environmental liability, said Avram J. Frankel, principal, Integral Consulting Inc., an international science and engineering firm, helps incentivize companies to support strong environmental programs.
“Administrations may end in four years, but environmental liability keeps on going.”