Limit of $700m from Jupiter leaves BP exposed to $70bn
BP’s $6bn (£3.98bn) Guernsey-based captive insurer Jupiter will pay out only $700m for the Gulf of Mexico oil spill leaving the firm exposed to $70bn in liabilities, the Sunday Express reports.
It quotes an un-named source saying: “Jupiter’s retention is limited to $700m for any one event, which means the maximum it will payout is $700m. The rest will be down to BP.”
BP is facing liabilities of up to $70bn according to estimates by Goldman Sachs. It has already put $20bn into a special US clean up fund after intense political pressure.
It is thought that BP has taken out cover worth an estimated total of $1bn to $1.3bn at Lloyds.
