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White House proposes legislation raising liability caps for oil firms
Following what the Obama Administration is calling “a massive and potentially unprecedented environmental disaster” in the Deepwater Horizon oil spill in the Gulf of Mexico, the president has sent...
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Transocean tries to limit oil spill liability at $27 million in court
In what it says is a move to protect the interests of its employees, shareholders and the company, Transocean Ltd., the owner of the oil rig that sunk off the Gulf of Mexico, is asking a court to limit...
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Lloyd’s of London suing BP over oil spill claims in Gulf of Mexico
Lloyd’s of London is asking a federal court to block a claim by oil company BP seeking damages against its Deepwater Horizon partner, Transocean, over oil spewing from the bottom of the Gulf of Mexico....
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Oil rig insurance prices uncapped after Deepwater Horizon spill
The Deepwater Horizon disaster has sparked higher prices for insurance covering offshore drilling in the Gulf of Mexico. Deepwater Horizon oil rig Insurers worry about their risks as they watch daily...
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Forecasts for hurricane season rivaling 2005 put insurers on edge
The annual hurricane season begins today (June 1), with forecasts for more storm activity than in the years since Hurricane Katrina battered the Gulf Coast. Courtesy: FEMA Since that storm in 2005, the...
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Expert: 20% of Deepwater Horizon insurance claims could be phony
More than a decade ago, Steven A. Rosenthal was on the front lines of the aftermath of the Exxon Valdez spill, calculating losses from nearly 30,000 individual insurance claims. Blue crab coated in...
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NFIP to cover oil in hurricane-driven flood waters, FEMA says
If oil from the massive spill in the Gulf of Mexico is mixed with flood waters, it will be covered under the National Flood Insurance Program. The Federal Emergency Management Agency (FEMA) recently...
View ArticleDeepwater Horizon spill won’t end ‘soft’ market in commercial lines
The Deepwater Horizon oil disaster isn’t big enough to move the property-casualty sector to raise prices or end the soft market in the commercial lines, according to a Towers Watson analysis. “The...
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