In an age of lists and opinions, the BP Oil Explosion "is likely to be the second-biggest energy insurance loss based on current estimates," it is reported by Kevin Crowley and Gavin Finch, "Lloyd's CEO Sees Insurance Coverage for Rigs Rising 30% AFter BP Oil Spill" (Bloomberg.com, Friday, July 9, 2010). [Emphasis added.]
This information requires a closer look. After a second look, it is clear that this estimate is of an "energy insurance loss based on current estimates," not any and every insurance loss, ever.
The BP Fiasco is actually headed way beyond "energy" insurance losses. based on current estimates. It is headed toward Claims being made on all types of Insurance Policies that boldly go where the numbers of Claims have not gone before, so to speak.
Dennis J. Wall is Co-Author of "CATClaims: Insurance Coverage for Natural and Man-Made Disasters" (West Publishing Company with 2010 Supplement).
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