Enacts the climate accountability and loss recovery act
What changed between versions
The term 'responsible party' was replaced with 'covered entity' throughout the text.
The definition of liable entities was narrowed by removing 'marketing' from the list of fossil fuel activities (now includes extraction, production, manufacture, or wholesale sale).
The federal government was added to the list of entities exempt from liability.
The definition of 'climate disaster' was updated to require climate change to be a 'substantial factor' rather than just a 'contributing factor.'
A new definition for 'market disruption' was added to specify conditions like insurer withdrawal, premium increases, and public costs used to stabilize the insurance market.
The scope of recoverable costs was expanded to include losses transferred, pooled, or publicly backstopped through residual market mechanisms.
The list of recoverable items in court actions was updated to include 'costs and losses' incurred by policyholders, alongside existing items like assessments and surcharges.
