Offshore insurance underwriting is facing some changes resulting from the Macondo incident. According to Michelle Dennis, the director of business development for Bowen, Miclette & Britt, the full effect on the rates will not be fully known until after January 1st. Bowen also feels that companies can revisit their safety and risk management programs. Doing so will help their brokers appeal for lower rates when the time comes. Insurance policies will also be written differently because of the Deepwater Horizon accident. The insurance industry needs to see if their contracts…
Read MoreInsurance rates increase for offshore accounts
