Deepwater Horizon Oil Spill Disaster: Risk, Recovery, and Insurance Implications

Description

This report begins with a review of the Deepwater Horizon incident and identifies the limits of liability facing the operators of offshore oil rigs. The next two sections of the report examine risk management in the offshore energy exploration and production business, the scope of the oil spill financial responsibility and insurance requirements, and the marine insurance industry that offers specialized coverage for offshore oil and gas firms. The fourth section outlines the various approaches to compensating oil pollution victims, including compensation funds, commercial insurance, federal disaster assistance, and tort law. The report concludes with a discussion of four specific … continued below

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24 pages.

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King, Rawle O. July 12, 2010.

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This report is part of the collection entitled: Congressional Research Service Reports and was provided by the UNT Libraries Government Documents Department to the UNT Digital Library, a digital repository hosted by the UNT Libraries. It has been viewed 222 times. More information about this report can be viewed below.

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Description

This report begins with a review of the Deepwater Horizon incident and identifies the limits of liability facing the operators of offshore oil rigs. The next two sections of the report examine risk management in the offshore energy exploration and production business, the scope of the oil spill financial responsibility and insurance requirements, and the marine insurance industry that offers specialized coverage for offshore oil and gas firms. The fourth section outlines the various approaches to compensating oil pollution victims, including compensation funds, commercial insurance, federal disaster assistance, and tort law. The report concludes with a discussion of four specific policy issue consideration for Congress, including new liability limits and insurance capacity, future insurability of offshore oil spill perils, availability of insurance, and the potential effects on domestic offshore energy production.

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24 pages.

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Congressional Research Service Reports

The Congressional Research Service (CRS) is the public policy research arm of Congress. This legislative branch agency works exclusively for Members of Congress, their committees and their staff. This collection includes CRS reports from the mid-1960's through 2018—covering a variety of topics from agriculture to foreign policy to welfare.

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  • July 12, 2010

Added to The UNT Digital Library

  • Jan. 27, 2015, 7:40 p.m.

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King, Rawle O. Deepwater Horizon Oil Spill Disaster: Risk, Recovery, and Insurance Implications, report, July 12, 2010; Washington D.C.. (https://digital.library.unt.edu/ark:/67531/metadc491229/: accessed April 19, 2024), University of North Texas Libraries, UNT Digital Library, https://digital.library.unt.edu; crediting UNT Libraries Government Documents Department.

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