Daily Insurance Industry News
 
 
Daily Insurance Industry News
Saturday 20th of January 2018
February 25, 2009

Marsh launches Triple C windstorm cover for Gulf of Mexico

by Gill Montia

Story link: Marsh launches Triple C windstorm cover for Gulf of Mexico

Marsh has joined forces with Berkshire Hathaway to create a property insurance facility to cover windstorm losses incurred by oil and gas companies operating in the Gulf of Mexico.

The Cost and Coverage Certainty Programme (known as “Triple C”) can provide up to $500 million of annual capacity, in the aggregate.

Cover is provided on a pooled basis for participating oil and gas companies for a period of five years.

The programme is available exclusively through Marsh and underwritten by members of the Berkshire Hathaway Group.

Marsh’s chairman of global energy practice, Jim Pierce, explains: “The series of severe hurricanes that struck the Gulf of Mexico during the past five years have drained insurance capacity and left many energy firms with few, if any, alternatives to obtain the levels of coverage they require at stable prices.”

He is confident that the Triple C facility will therefore address a serious exposure for these businesses.

According to the broker, advantages of the schemes include pricing stability; a choice of limits of $100 million per occurrence or $50 million per occurrence and a variety of attachment points, ranging from $20 million to $250 million per occurrence.

 

News posted:



Related stories to Marsh launches Triple C windstorm cover for Gulf of Mexico: