New investigation may enable American insurance companies to seek money from BP in the wake of last year’s oil spill

Last year, an investigative team from the U.S. government was tasked with tackling the issue of the disastrous oil spill that inundated the Gulf of Mexico with crude oil. The company responsible for the oil spill, British Petroleum (BP), has yet to face any legal action from the government for what has become the worst oil spill in the nation’s history. Many businesses in states along the Gulf of Mexico were left crippled by the loss of business spurred by the oil spill, which, in turn, translated into insured losses.…

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Hard hit Louisiana deserving of pay out for Horizon oil spill

The state of Louisiana may push to negotiate directly with the Justice Department, the Environmental Protection Agency (EPA) and other responsible parties in the BP, Deepwater Horizon oil spill incident. Opposed to letting the funds go to the federal Oil Spill Liability Trust Fund for dispersal; Louisiana officials may petition to negotiate settlements for them self. The Deepwater Horizon disaster that occurred off the Gulf of Mexico last summer devastated several coastal areas, but by large, Louisiana suffered the most. Millions of barrels worth of crude oil spilt into the…

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Insurance rates increase for offshore accounts

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…

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