NU Online News Service, Aug. 24, 1:13 p.m. EDT
Gulf of Mexico oil rig operators ducked a bullet when Hurricane Bill tracked away to the east because many have drastically shrunk or cut hurricane coverage, insurance executives said.
"We scared a lot of clients into self-insurance by huge premium dollars, where it might have been more intelligent...to focus on coverage," said Richard Brindle, group chief executive of Bermuda-based Lancashire Insurance, where energy insurance makes up for more than 30 percent of the overall book of business.
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