Advisen warns that salvage companies involved in the Deepwater Horizon disaster are exposed to lawsuits
Insurers should brace themselves for significant pain from the Deepwater Horizon oil spill, according to consultancy firm Advisen.
Legal, environmental and insurance specialists told Advisen during a conference that companies involved in the drilling project have been sued. As a result, salvage companies, clean-up firms and others involved in the response to the spill are exposed to lawsuits that are likely to result in claims.
Advisen executive vice-president Dave Bradford said the other major operators in the drilling project have more than $2bn (£1.27bn) of liability limits placed in the insurance market.