Business Services Industry
For the record.(Brief Article)
Business Insurance, March, 2001
OIL RIG INSURED A massive oil rig that last week was listing in the Atlantic Ocean off Brazil is insured for $500 million, but its owner, Petroleo Brasileiro S.A., or Petrobras, does not have business interruption coverage. The extent of the loss was unclear, because the rig, which was damaged after a series of explosions last week, had stabilized and Rio de Janeiro-based Petrobras hoped to stop it from sinking, a spokesman for the state-owned oil company said late last week.
If the rig were to topple, it could cause a significant pollution problem, because it holds hundreds of thousands of gallons of oil. No had escaped as of last week, the spokesman said. The cause of the three explosions that resulted in the fire on the rig has not yet been determined. One...
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