Live Insurance News

Oil insurance payout of $750 million for Transocean sought by BP

September 18, 2014September 17, 2014 Julie Campbell

The company is attempting to use a technicality to convince a court to permit them access to policies. BP, which has paid over $28 billion in order to cover the costs of the oil spill disaster in the Gulf of Mexico, which occurred in 2010, is now attempting to receive $750 million of that amount back again by working to convince a court in Texas that it should be able to access oil insurance that covered Transocean Ltd. BP is hoping that a missing comma would show that it is…

Insurance industry sees a shift in oil transportation regulations in the US

August 11, 2014August 9, 2014 Logan B.

rail insurance news industry train transportation

Federal agency believes that current insurance policies are unable to account for the cost of major train crashes and derailments The U.S. Department of Transportation has released a statement noting that insurance policies covering railroads that transport oil may not be sufficient. The statement suggests that these policies are unable to account for the costs associated with crashes and derailments of oil trains. Last week, the federal agency proposed new safety rules that would require railroads to hold a higher level of insurance coverage, which may be good news for…

Insurance industry gains more flexibility as EU relaxes Iran sanctions

July 16, 2014July 13, 2014 Marc

EU lifts some sanctions against Iranian oil The European Union has lifted sanctions on several Iranian oil companies, allowing insurance providers to offer coverage for the oil that these companies produce once again. The insurance industry had experienced some turbulence due to the sanctions, as they prevented insurers from covering ships containing oil produced in Iran. These sanctions were meant to pressure Iran into aligning itself with certain political interests, but also introduced some economic stress to other countries that rely on Iranian oil, such as India and Japan. Insurance…

Oil insurance risks are growing worldwide

May 6, 2014May 3, 2014 G. Turner

The situation worldwide is proving that instability doesn’t seem to have any intention of disappearing. While oil insurance has always been a form of coverage in which payouts for claims have traditionally been quite high, the risks associated with that protection are continuing to rise as instability throughout the globe – particularly in drilling countries – increases or refuses to settle. The crisis currently underway in Ukraine is only one reminder of the dangers that are occurring. When it comes to the areas in the world in which companies are…

Insurance news in Uganda shows trend toward oil sector risks

April 11, 2014April 9, 2014 Julie Campbell

Brokers are focusing on the opportunities that the new industries are providing in the country. The recent insurance news that has been arriving from Uganda has been based on the interest that brokers have been taking in the blossoming oil and gas sector in the country. Training has been started to ensure that insurance brokers understand the risks and how to mitigate them. The Uganda Association of Insurance Brokers (UAIB) chairman, Maurice Amogala, who is also the CEO of AON Uganda, Ltd., has stated that they are already dedicating themselves…