RE: Oil Explorer Blasts ‘Baseless’ Claims Over Its Insurance23 Jan 2021 11:33
Roberta Quant, BPC’s environmental scientist, previously told Tribune Business that the insurance coverage for the Perseverance One well will fully cover any tourism or fisheries losses “in the highly unlikely event” of any spill or environmental impact.
#She added that the company had obtained protection “considerably in excess of the minimum levels of cover required by the Government” for the well that is currently being drilled in waters some 91 miles to the west of Andros near the maritime boundary with Cuba.
#All necessary insurance cover had been secured through Aon UK, with insurers from Lloyd’s of London and other international markets underwriting it, Ms Quant said. “This policy provides cover for the costs of halting and remediating any incident during drilling, including the costs of redrill, the costs of drilling a relief well, and the costs of any remedial or clean-up operations,” she said.
#“The insurance policy also provides third-party liability cover losses that might be suffered in the highly unlikely event of such an incident – for example, losses that a fisherman or hotel might suffer - although, as mentioned, this is considered to be an extremely remote and highly unlikely possibility.
#“The level of insurance cover obtained is considerably in excess of the minimum levels of cover required by the Government, as well as commensurate with or in excess of cover in place for similar wells being drilled in other locations in the world,” Ms Quant continued.
#“It is also worth noting that the insurance companies – who will be financially exposed to the costs of responding to any incidents – required BPC’s drilling plan, Environmental Impact Assessment, Environmental Authorisation and Environmental Management Plan to be submitted to a third-party technical review.
#“This review assessed all BPC plans, policies and procedures to be of global standard, with risks appropriately identified and planned for, such that the project was able to secure insurances as required. Furthermore, all of our main well contractors, being Stena, Halliburton and Schlumberger, again global names and industry leaders, have extensive insurance policies of their own in place.”
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