Companies focus on oil shipping safety; higher rates, federal law have focused attention on risk management.(Marine Market Report)

Business Insurance, September, 1997 by Prince, Michael

Higher rates, federal law have focused attention on risk management Higher insurance rates and retentions earlier in the decade along with increased costs of cleanups and a 1990 federal law have prompted a heightened focus on loss control in the oil shipping industry. In the past few years, the oil shipping industry has placed "a greater amount of focus on loss control," noted Paul Bartolo, vp of Center Marine Managers in New York, a hull underwriter.

For at least two major U.S.-based energy companies, though, attention to risk management and loss control has been an important factor without the prompting of costs and regulation. Part of the reason for the industry drive for.enhanced safety is the quadrupling of insurance deductibles for oil shippers from 1992 to...

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