Marsh said it will broker a one-of-a-kind property insuranceprogram that can provide up to $500 million of aggregate annualcapacity for windstorm losses incurred by all participating oil andgas companies operating in the Gulf of Mexico in a given policyyear.

Marsh's Cost and Coverage Certainty Program, known as the TripleC Facility, was developed in conjunction with the BerkshireHathaway Group.

"The series of severe hurricanes that struck the Gulf of Mexicoduring the past five years have drained insurance capacity and leftmany energy firms with few, if any, alternatives to obtain thelevels of coverage they require at stable prices," Jim Pierce,chairman of Marsh's Global Energy Practice, said in a statement."We believe that the Triple C Facility will address a seriousexposure for these businesses in an acutely challenging economiccycle when the effects of a large uninsured loss might bedevastating."

Marsh, a subsidiary of services company Marsh & McLennanCompanies, said the new facility will provide oil and gas companiesoperating in the Gulf of Mexico with insurance protection, on apooled basis, and with pricing stability for a period of fiveyears.

Underwritten by members of the Berkshire Hathaway Group, theprogram is currently available exclusively through Marsh, the firmsaid.

The new facility will offer participating businesses flexibilityin coverage design and structure, including a choice of limits of$100 million per occurrence or $50 million per occurrence and avariety of attachment points, ranging from $20 million to $250million per occurrence, Marsh said.