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69 Duke L.J. 323 (2019-2020)
Insuring Nature

handle is hein.journals/duklr69 and id is 331 raw text is: INSURING NATURE CAROLYN KOuSKYt & SARAH E. LIGHTtt ABSTRACT Scholars and policymakers have argued that insurance can shape behavior in ways that mitigate climate risks, such as by providing financial incentives to property owners to safeguard their property from increasingly intense hurricanes or from the risk of sea-level rise. But natural ecosystems like coral reefs, mangroves, and forest ecosystems can themselves protect property from these increased climate risks. This Article turns the climate governance literature on its head, examining the circumstances under which it is possible to insure nature itself in order to preserve these critical ecosystem services in the face of a changing climate. TABLE OF CONTENTS Introduction ..........................................324 I. Ecosystem Services ...................................330 A. What are Ecosystem Services? ....................330 B. How are Ecosystem Services Valued? ..................332 C. A Law and Governance Continuum for Ecosystems.......339 1. Prescriptive Rules ...............................341 2. Regulatory Permits ........................ ......344 3. Market-Leveraging Approaches: Payments for Ecosystem Services. .............................. ........ 347 4. Land Acquisition. ...............................350 5. Natural Resource Damages and Liability Rules............351 II. The Role of Insurance ....................................353 A. Transferring Risk ................... ................354 Copyright @ 2019 Carolyn Kousky & Sarah E. Light. t Executive Director, Risk Management and Decision Processes Center, The Wharton School, University of Pennsylvania. tt Associate Professor of Legal Studies and Business Ethics, The Wharton School, University of Pennsylvania. Thanks to J.B. Ruhl, participants in the Legal Studies and Business Ethics Workshop, and the Alliance for Research on Corporate Sustainability Annual Conference for comments and discussions on early drafts, to individuals working in the insurance industry for helpful background discussions, and to Tyler Knox and Jane Tomic for excellent research assistance.

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