The oil slick befouling shores in the Gulf of Mexico is also set to sully the insurance industry’s bottom line.
The Insurance Information Institute (I.I.I.) is estimating insured losses related to the April 22 explosion of the Deepwater Horizon oil rig at $1.4 billion. Although the explosion killed 11 workers, I.I.I. says property damage and liability policy policies are likely to generate the largest dollar-amount claims. Business interruption/loss of production policies, environmental/pollution liability coverage and workers’ compensation/employers’ liability policies are also likely to come into play.
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