March 30, 2011 | Mark Paradies

The Cost of an Accident: Lawsuits in Deepwater Horizon Cases May Cost More Due To "Deepwater Premium"

An article in The Wall Street Journal says that wrongful death settlements in the Deepwater Horizon accident are running $8 to $9 million dollars. It also says that one plaintiff is asking $25 million for a torn rotator cuff.

See the article here:

http://online.wsj.com/article/SB10001424052748703739204576228881749944162.html?mod=rss_US_News

The article also said:

BP has spent $2.1 billion to settle accident claims stemming from its Texas City refinery explosion in 2005, which killed 15 people and injured many more.

Next time management debates what it is worth to implement a corrective action, don’t discount what an accident costs. Bad news is always expensive.

One last note … at the end of the article is a set of pictures of those who died. Imagine pictures of people from your company in a lineup of victims. Avoiding one of these accidents makes all your efforts worthwhile.

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