Declarations
Lump Sum for Future Loss “If they don’t like it, they can reject the lump sum.” —Kenneth Feinberg, head of the $20 billion BP spill compensation fund, said at some stage he would offer claimants a lump sum for all …
Declarations
Lump Sum for Future Loss “If they don’t like it, they can reject the lump sum.” —Kenneth Feinberg, head of the $20 billion BP spill compensation fund, said at some stage he would offer claimants a lump sum for all …
Price Scare
Seven years and running, the soft market shows few signs of loosening its grip on commercial insurance pricing, according to a recent industry study. Average premiums in every line tracked by the RIMS Benchmark Survey fell in the first quarter, …
It Figures
9.8% The average drop in South Carolina workers compensation rates approved by state insurance regulators. Insurance Director Scott Richardson also reported that the Assigned Risk Plan, the residual market mechanism, accounted for about 3.9 percent of the direct written premium, …
Florida Court Says Fishermen Can Sue Polluter; Is BP Next?
With BP’s offshore oil gusher in the Gulf of Mexico as a backdrop, the Florida Supreme Court recently ruled that commercial fishermen may sue a company that discharged pollutants into Tampa Bay for lost income and profits even though the …
Report EU Energy Commissioner to Issue Oil Spill Rules
EU Energy Commissioner Guenther Oettinger plans to issue additional requirements for operators of oil platforms in European waters in the autumn, he said in a German media interview published on Friday. The requirements would include recommendations for prevention and compensation …
AIR Estimates Mexico’s Hurricane Alex Insured Loss under $200 Million
Catastrophe risk modeling firm AIR Worldwide estimates that insurable losses (losses from properties that are eligible for insurance, whether or not they are actually insured) from Hurricane Alex are not expected to exceed $200 million. AIR explained that since “insurance …
Bad Weather Hinders BP Oil Cleanup; Oil Invades More Wetlands
Tropical storm Alex slowed oil spill clean-up and containment work in the Gulf of Mexico and drove more petroleum into fragile Gulf wetlands and beaches Thursday, with any permanent fix to BP Plc’s ruptured deep-sea well still several weeks away. …
Senate Committee Votes to End Oil Spill Liability Cap Retroactively
A U.S. Senate committee Wednesday voted to eliminate limits on liability that oil companies would face for damages stemming from offshore spills like the one in the Gulf of Mexico. The change, if approved and made law, would apply retroactively …
Special Reuters Report: Oil Spill a Gusher for Lawyers; Litigation May Take Years
BP payout should far exceed what Exxon spent on Valdez The company’s $20 billion fund may not be enough Accountability may take years if not decades to assess Many federal laws allow civil, criminal liability From a legal perspective, BP’s …
