Bermuda-based Oil Insurance Ltd. said it has dropped the premium rate it charges members by 7.5 percent, representing $48.25 million in premium.
Oil Insurance Ltd. said that combining an April premium reduction, rates have dropped 12.5 percent this year. The reduction will be seen in the fourth-quarter billing of members, the company said.
The company also said it is maintaining the per occurrence limit of $250 million and accelerating the 2005 hurricane settlements to resolve outstanding claims.
Oil Insurance Ltd. is a member of The OIL Group, a mutual insurance company providing insurance products to the energy industry, primarily risks in the Gulf of Mexico.
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