Viewing the Takings Clause of the Fifth Amendment as a form of insurance appeals to our intuition. The government, like fire, does not often "take" property, but when faced with extraordinary risk property owners naturally desire compensation. Recent scholarship, however, has dissolved the attractiveness of this perspective. This literature, through economic analysis, claims that the Takings Clause should be repealed and replaced with private takings insurance. This is the "no-compensation" result.
Avoiding Takings "Accidents": A Tort Perspective on Takings Law,
U. Rich. L. Rev.
Available at: http://scholarship.richmond.edu/lawreview/vol28/iss5/3