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While law provides a framework for contracts, regulations, and dispute resolution, insurance is based on actual risk based on historical data, industry trends,
by raffraffraff 2y ago
While law provides a framework for contracts, regulations, and dispute resolution, insurance is based on actual risk based on historical data, industry trends, and on-site evaluations. No matter what the law says in the short term, we must acknowledge that reality is different. Insurance is more evidence based than law.
And very generally, if insurance won't cover it, you can't build it or make a business out of it.
I see this as the banal way that we will inevitably deal with the aftermath of ignoring climate change.
- JumpCrisscross 2y ago> if insurance won't cover it, you can't build it or make a business out of it There are quite a few parts of the country where this isn't true. In some it recently became so. Where it's been true longer, land values are lower and folks build cheaper. (Go back further and most structures weren't built to be durable over decades.)
- pjc50 2y agoIf you want to know the probability distribution of the future, ask an actuary.