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The ultimate extent of damage and insurance industry losses from the BP Deepwater Horizon oil spill in the Gulf of Mexico is still unknown, but an industry environmental coverage expert says carriers should leverage the event to create new coverages rather than exclusions.

Rates for “anything in the oil and gas arena” will go up from 10-to-20 percent, according to John O’Brien, president of the environmental product line at Ironshore, speaking during a recent Advisen webinar on the BP oil spill.

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