The Deepwater Horizon oil spill is a massive spill in the Gulf of Mexico that is now considered the largest offshore oil spill in U.S. History
Exactly how extensive are the insurance ramifications of the Deepwater Horizon oil rig disaster and spill in the Gulf of Mexico now considered to be the largest offshore oil spill in US history? While BP has set up a $20 billion fund to cover certain costs, the final impact on the insurance industry is just beginning to unfold.
As of July 2010, 20 organizations including BP plc, Transocean, Andarko Petroleum, Cameron, and Halliburton, are named in loss events and legal cases stemming from the Deepwater Horizon oil rig disaster and subsequent spill. As of July 20th, Advisens large loss research team is tracking 142 individual loss situations. Similar to the Sub-prime & Credit / Liquidity Crises string of 1,057 loss situations that Advisen has tallied, our early research indicates that the Deepwater Horizon event will have many far-reaching tentacles.
Click on the following link to view a Business Interruption Insurance Claim Checklist from the Insurance Recovery attorneys at Howrey's. This Checklist is for use with Business Interruption claims and is aimed at facilitating approaching potential coverage for lost profits and other related coverage claims.