No, Virginia, There Is No Greenhouse Gas Clause

Law360, New York (December 12, 2011, 12:08 PM EST) -- Apocalyptic reports seemingly abound: worldwide catastrophic losses in 2011 — from earthquakes, tsunami, floods, tornadoes and storms — are the highest on record.

In the first half of 2011, there was more than $17 billion of insured losses in the U.S. alone from more than 100 catastrophic events. The October snowstorm in the Northeast might have been the eleventh billion-dollar loss this year. And the recent flooding in Thailand produced insured losses in excess of $13 billion.

Environmentalists speculate that global warming and the emission of...
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