3 Citations (Scopus)

Abstract

Nanotechnology presents significant challenges to traditional approaches of health, safety, and environmental regulation, which has been accordingly slow to be implemented. To help fill this gap, a number of soft law voluntary programs for risk management of nanomaterials have been implemented or proposed, but participation in, and impacts of, such programs has been disappointedly limited to date. This article suggests two potential drivers to increase participation in voluntary risk management programs for nanomaterials: liability and insurance. Given the lack of regulation and public concerns about nanotechnology, personal injury, and other product liability litigation is highly likely. Companies subject to such lawsuits will be able to help defend the reasonableness of their actions by pointing to their participation in voluntary risk management programs, while companies that declined to participate will be more vulnerable to liability for failing to take reasonable precautions. Insurers of companies handling nanomaterials may provide additional pressure for such companies to participate in voluntary risk management programs by incentivizing risk management practices in their underwriting of nanotechnology risks.

Original languageEnglish (US)
Pages (from-to)709-719
Number of pages11
JournalJournal of Risk Research
Volume17
Issue number6
DOIs
StatePublished - Jul 3 2014

Fingerprint

nanotechnology
Insurance
Risk management
Nanotechnology
risk management
liability
insurance
driver
Law
Nanostructured materials
participation
Industry
Product liability
producer liability
regulation
reasonableness
Environmental regulations
lawsuit
Liability
Soft law

Keywords

  • insurance
  • liability
  • nanotechnology
  • regulation
  • risk management
  • soft law

ASJC Scopus subject areas

  • Safety, Risk, Reliability and Quality
  • Engineering(all)
  • Strategy and Management
  • Social Sciences(all)

Cite this

Soft Law mechanisms for nanotechnology : Liability and insurance drivers. / Marchant, Gary.

In: Journal of Risk Research, Vol. 17, No. 6, 03.07.2014, p. 709-719.

Research output: Contribution to journalArticle

@article{48c48e0ae8dd423a8a6d089e062ce138,
title = "Soft Law mechanisms for nanotechnology: Liability and insurance drivers",
abstract = "Nanotechnology presents significant challenges to traditional approaches of health, safety, and environmental regulation, which has been accordingly slow to be implemented. To help fill this gap, a number of soft law voluntary programs for risk management of nanomaterials have been implemented or proposed, but participation in, and impacts of, such programs has been disappointedly limited to date. This article suggests two potential drivers to increase participation in voluntary risk management programs for nanomaterials: liability and insurance. Given the lack of regulation and public concerns about nanotechnology, personal injury, and other product liability litigation is highly likely. Companies subject to such lawsuits will be able to help defend the reasonableness of their actions by pointing to their participation in voluntary risk management programs, while companies that declined to participate will be more vulnerable to liability for failing to take reasonable precautions. Insurers of companies handling nanomaterials may provide additional pressure for such companies to participate in voluntary risk management programs by incentivizing risk management practices in their underwriting of nanotechnology risks.",
keywords = "insurance, liability, nanotechnology, regulation, risk management, soft law",
author = "Gary Marchant",
year = "2014",
month = "7",
day = "3",
doi = "10.1080/13669877.2014.889200",
language = "English (US)",
volume = "17",
pages = "709--719",
journal = "Journal of Risk Research",
issn = "1366-9877",
publisher = "Routledge",
number = "6",

}

TY - JOUR

T1 - Soft Law mechanisms for nanotechnology

T2 - Liability and insurance drivers

AU - Marchant, Gary

PY - 2014/7/3

Y1 - 2014/7/3

N2 - Nanotechnology presents significant challenges to traditional approaches of health, safety, and environmental regulation, which has been accordingly slow to be implemented. To help fill this gap, a number of soft law voluntary programs for risk management of nanomaterials have been implemented or proposed, but participation in, and impacts of, such programs has been disappointedly limited to date. This article suggests two potential drivers to increase participation in voluntary risk management programs for nanomaterials: liability and insurance. Given the lack of regulation and public concerns about nanotechnology, personal injury, and other product liability litigation is highly likely. Companies subject to such lawsuits will be able to help defend the reasonableness of their actions by pointing to their participation in voluntary risk management programs, while companies that declined to participate will be more vulnerable to liability for failing to take reasonable precautions. Insurers of companies handling nanomaterials may provide additional pressure for such companies to participate in voluntary risk management programs by incentivizing risk management practices in their underwriting of nanotechnology risks.

AB - Nanotechnology presents significant challenges to traditional approaches of health, safety, and environmental regulation, which has been accordingly slow to be implemented. To help fill this gap, a number of soft law voluntary programs for risk management of nanomaterials have been implemented or proposed, but participation in, and impacts of, such programs has been disappointedly limited to date. This article suggests two potential drivers to increase participation in voluntary risk management programs for nanomaterials: liability and insurance. Given the lack of regulation and public concerns about nanotechnology, personal injury, and other product liability litigation is highly likely. Companies subject to such lawsuits will be able to help defend the reasonableness of their actions by pointing to their participation in voluntary risk management programs, while companies that declined to participate will be more vulnerable to liability for failing to take reasonable precautions. Insurers of companies handling nanomaterials may provide additional pressure for such companies to participate in voluntary risk management programs by incentivizing risk management practices in their underwriting of nanotechnology risks.

KW - insurance

KW - liability

KW - nanotechnology

KW - regulation

KW - risk management

KW - soft law

UR - http://www.scopus.com/inward/record.url?scp=84901003585&partnerID=8YFLogxK

UR - http://www.scopus.com/inward/citedby.url?scp=84901003585&partnerID=8YFLogxK

U2 - 10.1080/13669877.2014.889200

DO - 10.1080/13669877.2014.889200

M3 - Article

VL - 17

SP - 709

EP - 719

JO - Journal of Risk Research

JF - Journal of Risk Research

SN - 1366-9877

IS - 6

ER -