(Re)insurers providing liability cover for the energy market may not be able to provide the $10bn in capacity needed if lawmakers increase the liability cap in federal law to that level, according to the Insurance Information Institute (III).
Robert Hartwig, the president of III, spoke to the US House Transportation and Infrastructure Committee, which is questioning the 1990 Oil Pollution Act's liability cap of $75mn in damages.
Although the law requires responsible parties to pay for clean-up costs, the $75mn...
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