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Insurance Company Refuses to Insure Fracking Operations
So it looks like Nationwide Insurance Company has little interest in insuring fracking operations.
Apparently the risks are just too great.
Check out this press release from the company. . .
National Casualty (Insurance) Company, part of the Nationwide group of insurance companies, has announced that hydraulic fracturing operations are prohibited in relation to properties it insures.
The company has determined that the exposures presented by hydraulic fracturing are too great to ignore. Risks involved with hydraulic fracturing are now prohibited for General Liability, Commercial Auto, Motor Truck Cargo, Auto Physical Damage and Public Auto (insurance) coverage. The company said it would not bind risks with this exposure, and any policies currently written with the exposure would be non-renewed (following state requirements).
Among the prohibited risks involved in fracking operations listed by the company are contractors involved in fracking operations, landowners whose land has been leased to lessees with fracking operations, frack sand and frack liquid haulers and site prep (dump trucks, bulldozers) or leasing of tanks.
Insurance Company Refuses to Insure Fracking Operations originally appeared in Green Chip Stocks. Green Chip Review is a free 2x-per-week newsletter, is the first advisory to focus exclusively on investments in alternative and renewable energies.
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