Oil Blowout Device Maker Has $500M in Liability Insurance
The Houston, Texas-based manufacturer of a fail-safe device on the oil well that is spewing crude into the Gulf of Mexico has $500 million in liability insurance for legal claims.
Cameron International Corp. says in a statement that authorities are still investigating and it has already been named in several lawsuits. It said it cannot predict if it has liability for the accident that is threatening the U.S. coast from Louisiana to Florida.
The company said in a release to investors and regulators that it manufactured the blowout preventer used on the undersea oil well when an explosion and fire destroyed the rig, which was owned by Transocean Ltd and was drilling for BP PLC.
Cameron has been named among other companies in a first rush of lawsuits seeking damages for the rig accident and oil spill.
- El Niño and Heat Fuel Destructive Storms Across Pacific Ocean
- Torrential Rain Brings Deadly Floods Back to East Coast of Spain
- CVC-Backed Home Insurance Firm Bamboo Said to Postpone IPO
- The Adjuster Tenure Problem
- Credit Acceptance Reaches $710M Predatory Auto Lending Settlement With Most States
- Are We Training Claims Adjusters or Claims Processors?
- Florida Bans Flock Cameras, License Plate Readers From State Roads
- The Nation’s Insurance Laboratory: What Liability Trends in California Mean for the Rest of the Country