Marsh announced the creation of a property insurance program that can provide up to $500 million of annual capacity, in the aggregate, for windstorm losses incurred by all participating oil and gas companies operating in the Gulf of Mexico in a given policy year. Marsh’s Cost and Coverage Certainty Program, known as the Triple C Facility, was developed in conjunction with the Berkshire Hathaway Group. The Triple C Facility is designed to provide oil and gas companies operating in the Gulf of Mexico with insurance protection, on a pooled basis, with pricing stability, and for a period of five years. Underwritten by members of the Berkshire Hathaway Group, the program is currently available exclusively through Marsh.
The Triple C Facility will offer participating businesses flexibility in coverage design and structure, including a choice of limits of $100 million per occurrence or $50 million per occurrence and a variety of attachment points, ranging from $20 million to $250 million per occurrence.
Additional information regarding the Triple C Facility is available by contacting Bertil Olsson, managing director, Marsh’s Energy Practice-Houston, at (713) 276-8711.
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