Experts: Recent fines spur greater interest in pollution coverage

02/26/2013 | RiskAndInsurance.com

More companies are seeking supplemental pollution coverage in response to record environmental fines levied against drillers and shale-gas producers, experts say. As much as 70% of upstream oil and gas firms are purchasing the insurance, compared with about 10% two years ago, Jeffrey Hanneman of Aon Risk Solutions estimates. "Deepwater Horizon and a host of other environmental lawsuits have resulted in civil fines being levied, and that has been a big driver in insurance. So their exposure is much greater than they initially realized in environmental losses," Hanneman said.

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