... PURCHASING RIGHTS IN DEAL WITH EXXON: THE INSURANCE IMPLICATIONS.
Exxon has sold oil rights to Russia in the Gulf of Mexico. Russia is using its oil rights to drill for oil in the Deepwater Horizon territory. See Christopher Helman, "Will Exxon's 'Bromance' With the Kremlin Help Keep Putin in Check?" (www.forbes.com, posted online March 20, 2014).
We will let others address questions concerning sanctions for conduct in the Crimea, and whether the Russians have immunity from suit even when yet another oil catastrophe occurs, should damage result to people and businesses in the United States from Russian oil drilling operations in the Gulf of Mexico.
Will there be insurance for those damages should they occur? Will there be any of the kinds of coverages discussed here and elsewhere after the last oil disaster in the Gulf of Mexico including:
- Business Interruption?
- Contingent Business Interruption?
- "Extra Expense"?
- Bodily Injury and Property Damage?
See generally Dennis J. Wall, "Claims Handling Practices Issues: Releases of Claims: Macondo--Deepwater Horizon and the BP Business Model," § 2:15 in John K. DiMugno, Steven Plitt and Dennis J. Wall, Catastrophe Claims: Insurance Coverage For Natural and Man-Made Disasters" (West Publishing Co. 2014 Supplements in Process).
And they said the Deepwater Horizon escapade was over with.
© 2014 by Dennis J. Wall. All rights reserved. No claim to original U.S. Government works.
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