May 12, 2010, Complimentary Teleconference
There is no doubt that
companies along the Gulf Coast and far beyond will be
adversely affected by the Deepwater Horizon oil leak. As
a result, these same companies are sure to have
substantial insurance claims. Now is the time such
companies should be preparing in order to ensure they
can receive maximum coverage from their insurance
programs, whether it is first-party or third-party
McGuireWoods and Navigant Consulting recently addressed
the likely insurance issues associated with the oil leak
in the Gulf of Mexico. The panel informed the audience
of insurance policies in play to provide coverage
and what exclusions will be at issue for policyholders.
The various first and thirty-party coverage issues were
Carter Redd, a
McGuireWoods attorney on the firm’s Insurance Coverage
Team, indicated that pollution exclusions will be front
and center in any coverage issue. Bradley Murlick,
managing director at Navigant, echoed the comment. Mr.
Murlick also indicated that companies need to be looking
at business interruption coverage within their insurance
programs and implement a process to capture the data
needed to support a claim.
Collin Hite, also on
McGuireWoods' Insurance Coverage Team, stressed that
policyholders cannot sit by and wait. "It is critical
that policyholders immediately review their insurance
policies, understand the scope of coverage and
conditions to submit a claim, and start to take action."
The entire panel agreed that following the "notice of
claim" requirements and "proof of loss" deadlines can be
short, so policyholders must know what to do and seek
expert advice to understand their obligations.
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