Oil set to face Mariner Energy...
September 02, 2010
ENERGY industry mutual Oil Insurance Ltd (Oil) will face claims if any arise from an explosion onboard a Mariner Energy platform in the Gulf of Mexico. Mariner Energy is a member of both Bermuda’s Oil and Oil Casualty Insurance Ltd (Ocil), and although the energy mutual could be faced claims, insurance industry sources have suggested the damage caused by the explosion may in fact not warrant a claim to be made. In its financial report for the second quarter of 2010 which was released just under a month ago, Mariner Energy confirmed it is a member of Oil, and said: “Mariner annually considers whether the commercial market offers supplemental or excess insurance that would, based on Mariner’s historical experience, supplement its Oil coverage on a cost-effective basis.” Because Oil reduced its windstorm coverage at the beginning of the year, Mariner Energy confirmed that...