Not Logged In Log In   Sign Up   Points Leaders
Follow Us    10:51 PM

GasBuddy News Article

27
votes
US Insurer Won't Cover Gas Drill Fracking Exposure

ABC News - Associated Press -- Nationwide Mutual Insurance Co. has become the first major insurance company to say it won't cover damage related to a gas drilling process that blasts chemical-laden water deep into the ground.

The Columbus, Ohio-based company's personal and commercial policies "were not designed to cover" risk from the drilling process, called hydraulic fracturing, or fracking, Nationwide spokeswoman Nancy Smeltzer said Thursday.

The process injects chemically treated water into wells to fracture shale thousands of feet underground and release trapped gas or oil. There are rich shale deposits in parts of Pennsylvania, New York, Ohio, West Virginia and elsewhere.

Health and environmental groups claim fracking can contaminate drinking water. The gas industry says it's safe if done properly. Nationwid


Read the Full Article

Submitted Jul 24, 2012 By: NHLiveFree
Category: Daily News Article Discussions > Topics Add to favorite topics  
Author Topic: US Insurer Won't Cover Gas Drill Fracking Exposure Back to Topics
REPLIES (newest first) Post a Reply
Profile Pic
drpepperTX
Champion Author Texas

Posts:11,518
Points:1,077,875
Joined:Apr 2011
Message Posted: Jul 25, 2012 12:17:05 AM

LOL, of course PDQ, why do you think State Farm is pushing insurance on earthquakes??? You anti oil and gas folks are too funny! LMAO.

[Edited by: drpepperTX at 7/25/2012 1:18:13 AM EST]
Profile Pic
LetemEatCake
Champion Author Oklahoma City

Posts:5,705
Points:1,360,915
Joined:Mar 2008
Message Posted: Jul 24, 2012 11:07:52 PM

I would hate to try to PROVE to any insurance company that Fracking or any damage cause by Fracking was caused by Big Oil.

It is not because fracking does not cause damage...but I just know insurance companies!

Good article NH!

[Edited by: LetemEatCake at 7/25/2012 12:08:31 AM EST]
Profile Pic
PDQBlues
Champion Author San Diego

Posts:8,700
Points:1,772,150
Joined:Jan 2009
Message Posted: Jul 24, 2012 10:27:26 PM

Of course insurance companies will refuse to insure a bad risk. And fracking is a bad risk.
Profile Pic
drpepperTX
Champion Author Texas

Posts:11,518
Points:1,077,875
Joined:Apr 2011
Message Posted: Jul 24, 2012 7:52:15 AM

The laughable thing is how the OP of this thinks this is somehow a condemnation of oil and gas exploration!

Profile Pic
58salty
Champion Author Jacksonville

Posts:75,283
Points:956,465
Joined:Aug 2011
Message Posted: Jul 24, 2012 6:55:08 AM

OK
Profile Pic
cdrrod
Champion Author Wisconsin

Posts:5,598
Points:1,087,335
Joined:Feb 2006
Message Posted: Jul 24, 2012 6:02:49 AM

Better switch to State Farm!
Profile Pic
Tacodan
Champion Author Cincinnati

Posts:3,838
Points:970,445
Joined:Apr 2011
Message Posted: Jul 24, 2012 5:50:13 AM

old news...................
Profile Pic
ReddevilNO
Champion Author New Orleans

Posts:3,481
Points:600,090
Joined:Aug 2011
Message Posted: Jul 24, 2012 5:46:54 AM

Whatever.
Profile Pic
humblepie
Champion Author Toledo

Posts:48,553
Points:2,700,065
Joined:Mar 2006
Message Posted: Jul 24, 2012 5:15:58 AM

such nonsense, just like trading rick nash
Profile Pic
KrsnaDragon
Champion Author Montreal

Posts:3,976
Points:855,450
Joined:Nov 2011
Message Posted: Jul 24, 2012 4:08:10 AM

Lol, this is too ridiculous! Who would have insurance from Nationwide Mutual?
Profile Pic
TravelinMan52
Champion Author Augusta

Posts:3,575
Points:1,291,270
Joined:May 2008
Message Posted: Jul 24, 2012 3:58:26 AM

And State Farm will cover it in Texas??? Something strange going on here.
Profile Pic
1WI
All-Star Author Appleton

Posts:818
Points:274,255
Joined:Jan 2012
Message Posted: Jul 24, 2012 1:13:35 AM

State Farm ?
Profile Pic
BJWI
Champion Author Milwaukee

Posts:8,079
Points:1,064,180
Joined:May 2011
Message Posted: Jul 24, 2012 12:36:00 AM

Citizens will be on their own yet again ...
Profile Pic
coughlin
Champion Author San Jose

Posts:6,410
Points:1,361,995
Joined:Sep 2009
Message Posted: Jul 24, 2012 12:35:26 AM

Scary.
Profile Pic
PetroScopper
Champion Author Houston

Posts:8,247
Points:1,875,315
Joined:Aug 2008
Message Posted: Jul 24, 2012 12:34:57 AM

I guess we can safely assume that Nationwide has set a precedence. Every insurance company will deny their customers coverage as well. I suppose that also makes it a little clearer how safe tracking actually is- really.
Profile Pic
CDMAuto
Champion Author Connecticut

Posts:5,403
Points:1,079,290
Joined:Apr 2011
Message Posted: Jul 24, 2012 12:32:41 AM

This is a wait and see.....
Profile Pic
unicornpmb
Champion Author Buffalo

Posts:10,137
Points:1,957,570
Joined:Sep 2005
Message Posted: Jul 24, 2012 12:31:36 AM

Now it starts.
Profile Pic
yonasb
Champion Author Houston

Posts:3,463
Points:852,575
Joined:Apr 2011
Message Posted: Jul 24, 2012 12:31:04 AM

ok
Profile Pic
12766
Champion Author New York

Posts:4,089
Points:1,809,790
Joined:Oct 2008
Message Posted: Jul 24, 2012 12:29:07 AM

OK
Profile Pic
reeneedan
Champion Author San Jose

Posts:1,491
Points:558,200
Joined:May 2011
Message Posted: Jul 24, 2012 12:28:01 AM

only the future will tell who is right, so we better hope its the oil companies or we all will be up a shit creek without a paddle
Profile Pic
kcboy
Champion Author Utah

Posts:5,286
Points:1,777,315
Joined:Jun 2005
Message Posted: Jul 24, 2012 12:27:05 AM

ok
Profile Pic
hubcapLA
Champion Author Louisiana

Posts:3,905
Points:940,435
Joined:Apr 2009
Message Posted: Jul 24, 2012 12:25:26 AM

They just keep trying but no one really believes them any more because they have cried "Wolf" too many times.
Profile Pic
UseLessGasFolks
Champion Author Iowa

Posts:7,071
Points:1,616,250
Joined:Jul 2007
Message Posted: Jul 24, 2012 12:24:23 AM

"Nationwide said risks involved in fracking operations "are too great to ignore" and apply to policies of commercial contractors and landowners who lease property to gas companies."

A landowner might want to think twice before leasing their land to these fools.
Profile Pic
razeware
Rookie Author Oregon

Posts:53
Points:26,040
Joined:Feb 2012
Message Posted: Jul 24, 2012 12:23:37 AM

....
Profile Pic
roadrunnerMO
Champion Author Kansas

Posts:10,068
Points:2,028,415
Joined:Jul 2008
Message Posted: Jul 24, 2012 12:20:42 AM

Can do things safely without all those environmentalists... Too much EPA just like government trying to take over out lives in every other fashion.
Profile Pic
Math6149
All-Star Author Jacksonville

Posts:918
Points:2,066,785
Joined:Jan 2007
Message Posted: Jul 24, 2012 12:20:20 AM

Why?
Profile Pic
carman11
Champion Author North Carolina

Posts:5,017
Points:1,019,700
Joined:Jun 2011
Message Posted: Jul 24, 2012 12:20:08 AM

Now isn't that just great. Lets just go back to the dark ages then everyone would be happy.
Profile Pic
Bruno44
Champion Author Texas

Posts:8,653
Points:2,083,900
Joined:Sep 2007
Message Posted: Jul 24, 2012 12:18:05 AM

Let the enviros pay for it.
Profile Pic
tessnlu
Champion Author Missouri

Posts:26,448
Points:1,423,200
Joined:Aug 2008
Message Posted: Jul 24, 2012 12:14:13 AM

fine
Profile Pic
granitestater
Champion Author New Hampshire

Posts:10,747
Points:1,749,580
Joined:Oct 2008
Message Posted: Jul 24, 2012 12:12:33 AM

Insurance? Really??
Profile Pic
TheeRedRam
Champion Author Hartford

Posts:4,722
Points:996,745
Joined:Jun 2011
Message Posted: Jul 24, 2012 12:11:04 AM

Oh Frack
Profile Pic
ifallsguy
Champion Author Arizona

Posts:5,817
Points:1,819,440
Joined:Apr 2007
Message Posted: Jul 24, 2012 12:10:10 AM

no way to figure their exposure since the science on this is undetermined
Profile Pic
krobp46
Champion Author Milwaukee

Posts:4,375
Points:868,395
Joined:Sep 2011
Message Posted: Jul 24, 2012 12:10:08 AM

whatever
Profile Pic
jimpeel
Veteran Author Colorado

Posts:469
Points:112,505
Joined:Mar 2005
Message Posted: Jul 24, 2012 12:09:47 AM

Typical. They don't want to pay when the time comes.
Profile Pic
JohnofGB
Champion Author Flint

Posts:7,078
Points:1,423,625
Joined:Feb 2010
Message Posted: Jul 24, 2012 12:08:59 AM

Certainly not in Pennslyvania
Profile Pic
Prodaddy
Champion Author Houston

Posts:9,981
Points:2,216,765
Joined:May 2007
Message Posted: Jul 24, 2012 12:07:21 AM

They only want your insurance preminum, then when you have a claim they always find a reason not to pay. It is called a one way street
Profile Pic
Tundralimited2009
Champion Author Dallas

Posts:40,395
Points:1,688,795
Joined:Feb 2009
Message Posted: Jul 24, 2012 12:06:46 AM

"If done properly"
Profile Pic
RENEGADEGAS
Champion Author Missouri

Posts:16,629
Points:1,903,520
Joined:Jul 2008
Message Posted: Jul 24, 2012 12:06:30 AM

I wonder how much the greenie weenie groups paid this company to deny coverage. More propaganda is forth coming.
Profile Pic
AmbuDriver
All-Star Author San Bernardino

Posts:703
Points:504,465
Joined:Aug 2005
Message Posted: Jul 24, 2012 12:04:48 AM

Can't really say that I blame them.
Profile Pic
dave1745
Champion Author Gary

Posts:2,110
Points:1,044,700
Joined:Dec 2010
Message Posted: Jul 24, 2012 12:04:14 AM

hmm
Profile Pic
SparkieMi
Champion Author Kalamazoo

Posts:4,845
Points:904,060
Joined:Sep 2011
Message Posted: Jul 24, 2012 12:03:25 AM

Time will tell....
Profile Pic
wilbur_gas
Champion Author Los Angeles

Posts:1,714
Points:850,875
Joined:Mar 2011
Message Posted: Jul 23, 2012 11:58:36 PM

OK
Profile Pic
gem1224
Champion Author Tulsa

Posts:1,541
Points:491,640
Joined:May 2011
Message Posted: Jul 23, 2012 11:57:42 PM

Ok
Profile Pic
umitb
Champion Author Indianapolis

Posts:5,049
Points:1,106,425
Joined:Apr 2010
Message Posted: Jul 23, 2012 11:57:24 PM

ok
Profile Pic
PK33
Champion Author Ann Arbor

Posts:1,454
Points:504,845
Joined:May 2011
Message Posted: Jul 23, 2012 11:56:27 PM

I'm with you Bellman, it's way too early to tell, and if one insurance company denies coverage, more will follow, or the price will increase significantly
Profile Pic
mfeldstein
Champion Author Ottawa

Posts:9,722
Points:2,239,355
Joined:Feb 2007
Message Posted: Jul 23, 2012 11:55:53 PM

Insurance companies haven't covered acts of God; now they won't cover acts of man.
Profile Pic
TheSnowstorm
Champion Author Montreal

Posts:9,521
Points:2,201,340
Joined:June 2005
Message Posted: Jul 23, 2012 11:47:01 PM

Insurance companies (in general) are not in the habit of losing money.
Profile Pic
PrinceLH
Champion Author Ontario

Posts:4,343
Points:866,020
Joined:Jun 2011
Message Posted: Jul 23, 2012 11:45:27 PM

Insurance companies are crooks.
Profile Pic
kgbellman
Champion Author Ann Arbor

Posts:4,351
Points:1,059,530
Joined:Mar 2011
Message Posted: Jul 23, 2012 11:44:45 PM

I don't blame them considering we don't know the long term impact
Profile Pic
BobD2009
Champion Author Long Island

Posts:8,638
Points:1,565,810
Joined:Apr 2009
Message Posted: Jul 23, 2012 11:43:02 PM

State Farm will.
Post a reply Back to Topics