It appears that Brazil has raised the bar for international oil spill clean up costs to over 10,000 a bbl just for fines and penalties. If you have coverage under your excess and you have international exposure, better do a quick review of your maximum possible exposure.As for the big boy oils, you may have run out of limit capacity for a run of the mill leak or break. The excess market needs to deal with the capacity issues for big oils before they all simply self insure.
It appears that Brazil has raised the bar for international oil spill clean up costs to over 10,000 a bbl just for fines and penalties. If you have coverage under your excess and you have international exposure, better do a quick review of your maximum possible exposure.As for the big boy oils, you may have run out of limit capacity for a run of the mill leak or break. The excess market needs to deal with the capacity issues for big oils before they all simply self insure.