NU Online News Service, June 16, 3:25 p.m. EDT
An Insurance Information Institute representative said the likely administrator of a $20 billion fund for oil spill disaster claims has the experience but will be challenged to develop a fair, timely process given the resources available.
With Gulf of Mexico oil spill estimates now up to 2.5 million gallons a day, British Petroleum, at the urging of President Obama, has agreed to put $20 billion into a fund for Gulf oil disaster claims, according to media reports.
President Obama said in a national address last night that he would be meeting with BP officials today to discuss setting up such a fund.
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