Insurance firms urged to stop coverage of Trans Mountain pipeline

Activists point to institutions’ support of Paris climate change agreement and Indigenous rights

A coalition of environmental and Indigenous groups is calling on insurance companies to drop or refuse to provide coverage of the Trans Mountain pipeline, although they concede its lead liability insurer is planning to continue coverage.

The coalition of 32 groups says in a news release on Thursday that if it can convince insurers to bow out of covering the pipeline and its recently approved expansion project beyond an Aug. 31 renewal date, Ottawa will be forced to self-insure, which will put public dollars at risk.

In a copy of a letter sent to 27 insurers, the activists ask them to avoid the “reputational and financial risk” of supporting the pipeline from Edmonton to Burnaby, B.C., in view of the institutions’ commitments to support the Paris climate change agreement and Indigenous rights.

Only 12 of the companies responded to the letter, the coalition says, with most refusing to discuss their dealings with specific clients.

The coalition says that Switzerland-based Zurich Insurance Group, however, has indicated it plans to continue to insure the existing Trans Mountain pipeline, a position the group says betrays its climate change and Indigenous rights commitments.

READ MORE: Is Trans Mountain a pipeline to prosperity for Indigenous communities?

It provided a copy of a letter it says is from the company’s CEO, noting that while the company’s policy is to restrict insuring oilsands assets, its position is to talk to the Trans Mountain owner, the federal government, to sort out its climate change goals and clarify whether the pipeline is actually “dedicated” to oilsands.

“It’s clear Zurich needs to commit to not insure the pipeline expansion,” said Tzeporah Berman, international program director at Stand.earth, in the release.

“We are encouraged by Zurich’s recent policy, and we are calling on other insurance companies to stop insuring the expansion of the fossil fuel industry.”

The Canadian Press

Like us on Facebook and follow us on Twitter

Just Posted

UPDATE: Abbotsford woman reported missing from Chilliwack has been found

Alexis Neill, 26, located safe and sound, police say

Event supports women’s centre that is at risk of having to move

Abbotsford women’s recovery program holds annual Victory Walk

Son of slain former Hells Angel is one of two men sentenced for crime spree

Pair’s 2017 series of robberies included convenience store in Abbotsford

The Offspring and Sum 41 announce show in Abbotsford

Bands play Abbotsford Centre on Nov. 30 as part of Canadian leg of current tour

UFV men’s basketball hosting NCAA’s Roadrunners

Cascades challenging Cal State Bakersfield in exhibition game on Monday

Clean the house, prep for your next trip: Tips to nix the post-vacation blues

48 per cent of travellers are already stressed about ‘normal life’ while still on their trip

Couple could go to jail for taking 88 lbs. of Italian sand

Pair said they didn’t know it was illegal to take the sand, which is protected as a public good

More women may need breast cancer gene test, U.S. guidelines say

Recommendations aimed at women who’ve been treated for BRCA-related cancers and are now cancer-free

Bodies of two missing Surrey men found near Ashcroft: RCMP

Ryan Provencher and Richard Scurr have been missing since July 17

B.C. manhunt suspects left cellphone video before they died: family

Family member says Kam McLeod, Bryer Schmegelsky recorded final wishes

VIDEO: RCMP unveil new, state-of-the-art forensics lab

The laboratory is expected to handle thousands of forensic services from across Canada annually

Scheer promises EI tax credit for new parents if Conservatives form government

The government currently taxes employment insurance benefits for new parents

Border agents carry out raid at Hastings Racecourse

Dozens were spoken to, witnesses say

Most Read