Conditions for effective risk sharing against marine pollution: the case of the Ría de Vigo

Schimon Grossmann and Michael Faure ()
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Michael Faure: METRO, Faculty of Law, Maastricht University, Postal: Maastricht University, METRO, Faculty of Law, PO Box 616, NL-6200 MD Maastricht, The Netherlands, http://www.michaelfaure.be/

No 2017/1, Discussion Papers from Norwegian School of Economics, Department of Business and Management Science

Abstract: The question of how effective protection against environmental impairment can be provided has spawned much literature. One instrument that is often invoked to provide compensation for environmental damage is insurance. Traditionally, a distinction is made between first and third party insurance. First party insurance may be acquired by potential victims of marine pollution, such as fisheries seriously harmed by ship-source oil spills. Conversely, third party insurance is sought by polluters to cover their legal responsibility and, at the same time, protect the potential victims from polluters unable to meet their financial obligations.

Keywords: Risk sharing; marine pollution (search for similar items in EconPapers)
JEL-codes: Q50 Q53 (search for similar items in EconPapers)
Pages: 11 pages
Date: 2017-01-31
New Economics Papers: this item is included in nep-ene, nep-env and nep-res
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