The aim of the article is to answer the question about the role of insurance in solving the financial consequences of environmental disasters. Using the method of dogmatic-legal analysis, the author presented legal conditions for the development of environmental insurance in the EU, limiting herself to the EU regulations. Attention was drawn to the global character of the issue by presenting examples of environmental disasters which occurred on other continents. Looking for the specificity of environmental insurance, attention was paid to the importance of the preventive function and the way of its realization as well as the importance of public-private partnership.

This article aims to discuss the notion of environmental damage under the CLC 1992 and FUND 1992 as stated in the new Guidelines for Presenting Claims for Environmental Damage prepared by the International Oil Pollution Compensation Funds. That approach is contrasted with the solution adopted in the United States of America under the OPA. Particular attention is given to the problems of compensation for lost services of the environment, as well as providing alternative environment as a restoration measure. The judgments of French and Spanish courts in the Erika and Prestige cases are discussed, raising questions as to suitability of the CLC 1992/FUND 1992 system.