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Oil spill
Last Post 14 Jun 2010 12:45 PM by Jud G.. 143 Replies.
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Olegred
Member
Posts:363
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| 04 May 2010 01:49 PM |
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So, what kind of claims would this event generate? |
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Ol' Ghost
Member
Posts:279
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| 04 May 2010 04:21 PM |
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Don't worry about it. You're not qualified.
This ones for the big dogs, puppies need not apply.
Ol' Ghost |
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brighton
Member
Posts:135
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| 04 May 2010 04:37 PM |
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It's been pretty hashed out in Made Made Cats/Gulf Oil Spill. Lots of work for CPA's for the Business Interuption/Loss of Income. Clean up of the boats will be handled by a $20/hr person with a camera and notepad to take down the registration # of the boat. Some (not many) real adjusters who know enviromental losses and clean-up which I haven't much of a clue on those rules and regs. Some claims for power washing and repainting some beams of beach houses. Beach clean up and pier/docks will be handled by companies who have experience in this. Oh yeah, and let's not forget all the attorneys both plaintiff and defense who will reap multimillions off of this. |
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| Rocke Baker |
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Olegred
Member
Posts:363
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| 04 May 2010 04:48 PM |
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Shoot, I want to be part of it... I always thought environmental side of adjusting to be promising field to look into... I need to stop by headquarters and talk to my bosses :) |
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Ray Hall
Senior Member
Posts:2443
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| 04 May 2010 05:20 PM |
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It will not be wind/hail roof claims..... so not be get your juices flowing. |
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Olegred
Member
Posts:363
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| 04 May 2010 05:26 PM |
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I am looking around, fellas... sometimes it's just one claim that would keep you happy for a year.... or two... |
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brighton
Member
Posts:135
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| 04 May 2010 06:03 PM |
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How many BI/LOI claims have you handled? Enviromental engineers? How about direct dealing with attorneys, claimants (not insureds)? How many DEQ, DNR, state EPA departments have you had dealings with? How about real nice 10-20 page first reports with 20 - infininum attatchments? This is just the begining of an enviromental claim.
My wife used to handle these for about 8 years and some very interesting stories. |
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| Rocke Baker |
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Olegred
Member
Posts:363
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| 04 May 2010 08:40 PM |
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Brighton, take it easy with abbreviations, I get scared when I hear something I don't understand :) I know what BI means, what is LOI? DEQ? DNR? Learning takes time, but, ultimately, your role is to interpret coverage, based on reports provided by all the specialists :) Why did your wife stop handling those? Very interesting... |
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Olegred
Member
Posts:363
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| 04 May 2010 08:50 PM |
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btw, it appears there's 70 mil federal cap on all damages excluding cleanup.... that could kill the goose... |
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ChuckDeaton
Life Member
Veteran Member
Posts:897
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| 04 May 2010 10:29 PM |
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I guarantee that Baron and Baron, federal trial lawyers in New Orleans, are lining up claimants. I would not be surprised if the population of the mass joinder is in the 10's of thousands.
Every Tom, Dick and Harry, Harry Hebert and Dick Bergeron and Tom Font, every cajun that has a toe in the gulf is going to sue somebody. From the mouth of the Mississippi to the Florida Keys and probably up the Eastern seaboard.
Federal court is already plugged with Chinese Drywall, Katrina, Gustav and Ike suits. |
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| "Prattling on and on about being an ass with experience doesn't make someone experienced. It just makes you an ass." Rod Buvens, Pilot grunt |
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yumadj
Guest
Posts:34
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| 04 May 2010 10:35 PM |
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I handled environmental claims for nearly all the refineries in Corpus Christi in the 90s. Believe me, if the crude laps up anywhere within 20 miles of a populated area there will be an assortment of ailments arising which will require attention by those accepting responsibilty. |
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ChuckDeaton
Life Member
Veteran Member
Posts:897
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| 04 May 2010 10:52 PM |
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"It really is a catastrophe," Simmons said. "I don't think they're going to be able to put the leak out until the reservoir depletes. It's just too technically challenging."
He said BP's cleanup costs could ruin the company.
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"They're going to have to clean up the Gulf of Mexico," he said. |
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| "Prattling on and on about being an ass with experience doesn't make someone experienced. It just makes you an ass." Rod Buvens, Pilot grunt |
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ChuckDeaton
Life Member
Veteran Member
Posts:897
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| 04 May 2010 11:29 PM |
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"Fitch Ratings on Tuesday changed its outlook on Transocean debt to "stable" from "positive," citing the potential for large legal expenses and liabilities related to the oil spill. Fitch didn't change it ratings on Transocean debt, which are "BBB," or investment-grade but carrying a moderate default risk.
Fitch said Transocean carries $950 million in liability coverage before deductibles, and oil companies usually repay rig owners for costs related to blowouts. But the rating agency said Transocean could still be vulnerable for damages above $950 million if was found to be negligent.
Insurance should cover the loss of the $560 million Deepwater Horizon, which sank in about 5,000 feet of water, but Transocean has a deductible of $10 million per event on personal injury liability, Fitch said." |
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| "Prattling on and on about being an ass with experience doesn't make someone experienced. It just makes you an ass." Rod Buvens, Pilot grunt |
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sbeau4014
Founding Member
Member
Posts:424
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| 05 May 2010 09:26 AM |
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Olegred, when you wrote "btw, it appears there's 70 mil federal cap on all damages excluding cleanup.... that could kill the goose... ", what do you mean by this? I'm not familiar with any "cap" on this event that would come into play. I guess there are two "caps" now that I think of it, one would be the cap that BP's, Transocean's and the manufacturer of the BOP liability policies would have to pay out in the event. The other "cap" would be the net worth of the value of those three companies to pick up the cost of any damages out there that are relted to this event. I would guess that this is a strict liability issue, so basically there would be no way that any of them are going to get out of paying a hell of a lot of money before it's all over. Remember Exxon paid billions out of their own pocket for their little hiccup up in Alaska a few years back, and it is still ongoing over21 years later.
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brighton
Member
Posts:135
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| 05 May 2010 09:34 AM |
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Oglethorpe,
You have a lot to learn about liability as evidenced by your remarks. If you are doing these type of claims as a Staff Rep, the need for coverage knowledge is paramount. If you are doing this as an independent, many carriers will not give coverages out as they will be concluding the claim. It is an independents job to gather all the facts, supporting documentation of loss, reports from respective parties and send into the carrier. You WILL NOT COMMIT TO COVERAGE UNLESS THE CARRIER TELLS YOU TO. You can bet that anyone handling these claims for the oil spill will be talking to so many different state and federal agencies, claimants and attorneys that if you do not know way past the basics you will not last long.
The reason why my wife no longer handles enviro claims? Not a very interseting answer. She left the carrier that she handled those type of claims as we moved out of that state.
Stick with basic claims. In a few more years after reading, attending some enviro seminars and some college classes in this field then try to get someone to talk to you about handling a minor fuel oil storage tank claim. |
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| Rocke Baker |
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brighton
Member
Posts:135
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| 05 May 2010 09:36 AM |
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Chuck,
And this is on top of the massive fines BP paid for all the safety violations and fatalities resulting from the refinery explosion a few years ago in the Houston area. |
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| Rocke Baker |
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RJortberg
Member
Posts:149
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| 05 May 2010 10:47 AM |
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LOI - Loss of income (also Letter of Intent - not applicable here though)
DNR - Department of Natural Resources
DEQ - Department of Environmental Quality
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ChuckDeaton
Life Member
Veteran Member
Posts:897
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| 05 May 2010 12:32 PM |
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"A trio of Democratic Senators are introducing legislation on Monday that would dramatically raise the amount of money that oil companies like BP would have to pay in economic damages in an event of a spill.
Authored by New Jersey Sen. Robert Menendez, and co-signed by fellow Garden Stater
Sen. Frank Lautenberg and Florida Sen. Bill Nelson, the (craftily-titled) "Big Oil Bailout Prevention Act" would raise the economic damages liability cap for offshore oil spills from $75 million to $10 billion.
The impetus for the legislation were reports that surfaced over the weekend that British Petroleum, the company responsible for the disastrous spill in the Gulf Coast, would face limited responsibility for covering costs beyond cleanup and containment.
The oil company, in addition to others, pays money into the Oil Spill Liability Trust Fund -- a kind of rainy day piggy bank for handling the immediate costs of dealing with disasters. Under the charter of the federal law that created the $1.6 billion fund, however, operators of the offshore rig face no more than $75 million in liability for non-cleanup and containment damages. And in a region like the Gulf Coast the cost to local industry of a massive oil spill can easily skyrocket well beyond that total. " |
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| "Prattling on and on about being an ass with experience doesn't make someone experienced. It just makes you an ass." Rod Buvens, Pilot grunt |
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sbeau4014
Founding Member
Member
Posts:424
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| 05 May 2010 02:33 PM |
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I have read more information on the "cap" limit and it does appear that it is set up to limit economic damages, and has no bearing on costs associated with cleanup. One article I read about this new thing the 3 democratic senators are trying to pass questioned whether it would be done retroactively or not (raise it from $75 mil to $10 bil). It will be interesting to see how it all plays out, because most of the businesses that may be affected economically would probably not have any coverage for any LOE claim in the absence of collecting from BP etal |
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Olegred
Member
Posts:363
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| 05 May 2010 02:36 PM |
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sbeau4014 Read the news :)
brighton Man, I can't wait that long. Some time ago a complete newbie I was sitting at Pilot "training" and I said to other guys that I would be working claims for the best vendors, like Crawford and they laughed at me and one guy bet 100 bucks that I would not. SOB did not return my emails when I needed to be paid on the bet. Same thing here... Seminars and other educational stuff is good but, really, it's more like waste of time. Hands on training is what I need and I will get it no matter what. I am one persistent fella. You want to make a bet? |
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