For Immediate Release: Sep 20, 2012
Statement On "the Costs Of Fracking" Report, Metlife Announcement
In response to the release of The Costs of Fracking by Environment New York, Environmental Advocates of New York released the following statement, attributable to Katherine Nadeau, Water & Natural Resources Program Director:
"Environment New York’s report, The Costs of Fracking: The Price Tag of Dirty Drilling's Environmental Damage, does what Governor Cuomo’s own Department of Environmental Conservation failed to do – it details the heavy financial burden fracking places on the communities bearing the brunt of this highly polluting industrial gas extraction process.
The costs accounted for in the report are enormous, but it’s the costs we don’t know about that could debilitate our state’s economy for decades to come.
On the heels of Nationwide’s announcement that it would not cover damages associated with fracking, another insurance giant, MetLife, informed Environmental Advocates of New York that its homeowner’s policies do not cover such damages either, meaning regular New Yorkers may be saddled with any damages to their property.
Given that at least two of the nation’s largest insurers have said the risk is too significant, will the State get into the insurance business to cover the risks caused by the Governor’s plan to permit fracking?”