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Published: Monday 26 August, 2013

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property/casualty industry cut in half its unfunded asbestos liabilities during 2005 while continuing to whittle down the overall environmental exposures. Bests original estimate of ultimate industry losses of $65 billion and $56 billion for asbestos and environmental, respectively. Bests yearend 2005 estimate of unfunded asbestos and environmental liabilities for the industry is about $4 billion for asbestos and $22 billion for environmental, for a total funding deficit of $26 billion. Estimated incurredtodate losses have reached nearly $95 billion, of which $61 billion relates to asbestos exposures. They are free to BestWeek subscribers. Supreme Courts remarkable decision in Massachusetts v. EPA see text of opinion requiring the EPA to reconsider its decision not to regulate greenhouse gases has ramifications beyond environmental regulation. By holding that carbon di michael kors purses for sale oxide may be a pollutant and so may be regulated under the Clean Air Act, insurers are armed with a powerful argument that corporate losses and liabilities that arise from the effects of global warming are excluded under insurance policies that contain a pollution exclusion michael kors purses for sale . These might include general liability policies, property policies, directors and officers D policies, and other types of liability insurance. Each of these is likely to contain an exclusion for loss or damage arising from an actual or alleged discharge, dispersal, re michael kors purses for sale lease, or escape of pollutants.

The area of greatest concern to corporate policyholders is probably D insurance. Many companies are just now beginning to try to access risks to their businesses from the effects of global warming. The Supreme Court discussed the scientific data predicting imminent rises of sea levels. It is easy to foresee a slurry of shareholder class action lawsuits against companies adversely impacted by global warming alleging managements failure to adequately anticipate and prepare for these changes. Because greenhouse gases are pollutants according to the Supreme Court, arguably, these shareholder actions could be excluded because the alleged losses arise, even if indirectly, from the release of greenhouse gases. michael kors purses for sale