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20 Jun 2011, 1:31 am
Transocean Ltd. said Friday that insurers of its sunken Deepwater Horizon drilling rig have asked a federal judge to decide if BP Plc and other owners of the Macondo well are entitled to any insurance coverage for the April 20, 2010 disaster.Transocean said it, and its underwriters, believe that BP and minority well owners Anadarko Petroleum Co. and Mitsui & Co. [read post]
13 Oct 2023, 5:41 am by Mary Anne Peck
” But the report also noted that the state’s recently enacted legislation should reduce the impact of excess litigation on insurance rates, keeping them from being even higher. ( SOUTH FLORIDA SUN-SENTINEL , INSURANCE JOURNAL ) Surge in Use of Weather Derivatives The use of financial products allowing hedge funds, commodity traders and energy companies to profit from or protect themselves against extreme climate events is on the rise. [read post]
3 May 2022, 11:33 am by Kaufman Dolowich Voluck
The legal bills can quickly exhaust the $5 million or $10 million retention, or maybe a primary or first excess layer of the policy, the insurer attorney said, explaining that big companies usually have policies that stretch into the hundreds of millions. [read post]