Property Insurance in the US

Property Insurance in the US

The availability of insurance.In the beginning, the company, GM is covered by default under the responsibility of their organization, from genetic engineering are not excluded under the policy, but soon the insurance companies that cater to the risks involved. With this new technology with caution, even carefully following the distribution, with the collaboration of scientists and engineers, security have begun to be excluded on the birth of genetic engineering or by the addition of a limited warranty is appropriate. Even after the adoption of the risks of GM today has a big gap between the coverage and the level of risk that is necessary for the protection of genetic modification.The insurance companies are willing to provide insurance for environmental risks and responsibility for the genetic modification that may have a political stand - alone specific "claims" or basic "declared". Words can not include claims arising from changes in the genetic heritage of human beings or animals, or second generation. The coverage is similar to that used in the pharmaceutical industry to limit the claims in the series, all the common one, regardless of the timing of what we are expressly advised of the policy limit of one year from the responsibility.Marsh is a "responsibility", reported in 2003, the maximum limit of liability in these days, but today is about $ 700 million settlement in a lawsuit could result in billions of dollars. Three years ago, Ltd. was relatively high at about $ 1 billion, but still not enough.Social and political influences on the risk profile.Widespread concerns about genetic engineering and GM products, the dimensions of the situation to worsen and the risk of raising questions about the acceptability of risk from the perspective of insurers. The company, the majority of consumers who prefer non-genetically modified foods, although some research has shown that this food is safe from health point of view. Yet the debate has become a public issue and encourage the industry to international level. These products will penetrate the market economy, with no adverse reactions can be seen today. The future can not be predicted. Political pressure from the public and the environment can lead to law and the punishment can be awarded to the company, GM, which is an insurance company may not have thought.Coverage of financial risk.Risks of genetic engineering, as described in the preceding paragraph includes insurance now or not interesting for the insurance industry in general. The cover is available as a limited or inadequate.For the protection of alternatives to the traditional risk transfer has been created. Research has shown that there are a number of risks and limitations of alternative financial models are likely to be used in combination with traditional forms of tailored insurance - coverage will be made jointly implemented and funded. the insured person and the insurer / insured company to create an individual or a group of prisoners in the same sector. Alternatively, they may decide to self-insure by putting aside some money for themselves. But all these options are less effective than traditional insurance plans.ConclusionGM foods have the potential to solve many problems of world hunger and malnutrition and to help protect and preserve the environment by increasing yield and reducing reliance on chemical herbicides and But as with all new technologies, have some known risks and unknown. Insurers need to study carefully the controversy GM foods and crops that will allow to and complete and focused on the risk of human and environmental safety, labeling, intellectual property, ethics. food security and