Tag: Deepwater Horizon oil spill

Insurance news for BP grants them access to payments for 2010 oil spill

G. Turner
insurance news Deepwater Horizon Oil Spill 2010

The company won a ruling in appeals court that will provide it with a payment of $750 million. BP has just won a ruling in an appeals court that is making insurance news, as it has provided it with Transocean Ltd. coverage payments worth $750 million in order to cover costs from the oil spill in the Gulf of Mexico in 2010. The U.S. Court of Appeals reversed a previous decision that had been made on the case. The ruling that had previously denied access to the funds to BP…

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Total SA natural gas leak births insurance nightmare as the industry tackles yet another man-made environmental disaster

S.Vagus

Trouble is brewing in the North Sea where a major natural gas leak is causing problems for Total SA, a multinational oil company. The leak began at one of the companies abandoned platforms, dubbed the “well of hell” by environmentalists. Total is claiming that it will take at least six months to shut off the flow of natural gas due to high pressures within the reservoir beneath the platform. The company now faces serious backlash from the insurance industry for being at the heart of yet another man-made environmental disaster.…

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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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Commercial insurance rates may be on the rise due to 2010 losses

H. Cutner

Premiums for commercial lines of insurance are still low, mainly due to an increased amount of insurers offering coverage, and the low amount of consumers looking for providers, and not making claims. Most small and midsized business rates remained the same, while some large companies saw minor decreases. The last two years have been relatively calm for most states, as far as natural disasters go; compared to losses that have occurred in previous years. This has created an increase in capital that insurance companies have had to work with when…

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