Marsh said it will broker a one-of-a-kind property insurance program that can provide up to $500 million of aggregate annual capacity 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 series of severe hurricanes that struck the Gulf of Mexico during the past five years have drained insurance capacity and left many energy firms with few, if any, alternatives to obtain the levels 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 serious exposure for these businesses in an acutely challenging economic cycle when the effects of a large uninsured loss might be devastating."
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