How Much Litigation Will Result from the BP Deepwater Horizon Accident? Enough to Keep Many Lawyers Busy!
Here an excerpt from a recent advertisement for a “Litigation Oil Spill Insurance Claims Conference Call” …
“The Deepwater Horizon well finally appears to have been capped, but the oil spill has become one of the worst economic and ecological disasters in U.S. history, and will have far-reaching impacts on the insurance coverage landscape for years to come. Recent analyst reports suggest that the total losses resulting from this disaster may exceed $60 billion. While these losses are staggering, you may not realize that you own valuable insurance policies that may provide coverage for business interruption and other oil spill related losses, even if your properties were not directly touched by oil.”
“This teleconference will provide you with an update on the massive amount of oil spill litigation that already has been filed since April, as well as an overview of the types of insurable losses that policyholders have suffered or may suffer in coming months as a result of property damage, business interruption, environmental claims and even securities lawsuits. Risk managers may be operating under the misconception that the so-called pollution exclusion completely bars coverage for oil spill related lawsuits. The teleconference will debunk that assumption and summarize the types of first-and third-party insurance coverage that policyholders may have available for oil spill related losses. The teleconference also will outline strategies for maximizing your coverage in the face of insurers’ anticipated defenses to coverage.”
Sounds like law suites against BP and insurance companies are just around the corner. And if $60 billion is the total cost of claims … the $20 billion fund is just a downpayment.
At least one industry (legal) has growth opportunities in this recession!