From Tom Wilber blog post -
Nationwide issued another statement (Friday) emphasizing that it’s policies have not changed regarding fracking, and that the company is not cancelling policies.
Response from Elisabeth Radow -
So the company’s follow up statement said it is not cancelling policies. Is this a CHANGE or a NUANCE of what they said originally which is the following: “The Company said it would not bind risks with this exposure, and any policies currently written with this exposure would be non-renewed (following state requirements). Among the prohibited risks involved in fracking operations listed by the company are contractors involved in fracking operations, landowners whose land has been leased to lessees with fracking operations, etc.”
Radow ‘s analysis:
Bottom line question, could a house with homeowner’s insurance and a gas lease risk losing the homeowner’s insurance if there are drilling operations on the property? That is the question which Nationwide has to answer. If they say, “we will look at this on a case by case basis” then we know they are leaving open the right to cancel the policy.
Capitol Pressroom to follow up on Monday @11am