Oil Insurance Limited (“OIL”) has increased its per occurrence limit from $300 million to $400 million and its event aggregation limit from $900 million to $1.2 billion, effective January 1, 2015.
The company reported that it would give its members until January 1, 2017 to move to the $400 million limit in order to facilitate the adoption of the additional $100 million limit into their insurance programs. Atlantic-named windstorm limits will remain the same at $150 million part of $250 million with a $750 million event aggregation limit.
Learn more: www.oil.bm.
Victoria Spears
Victoria Prussen Spears is senior vice president of Meyerowitz Communications Inc., a law firm marketing communications consulting company. A graduate of Sarah Lawrence College and Brooklyn Law School, Ms. Spears was an attorney at a leading New York City law firm before joining Meyerowitz Communications. She may be contacted at [email protected].