BP said on its website that it "noted the comments made by President Obama last night." BP confirmed it would be meeting with the president to discuss his proposal for arrangements "to ensure that all legitimate claims in respect in the Gulf of Mexico oil spill are paid out in a fair and timely manner."

Loretta Worters, vice president of communications for the Insurance Information Institute (I.I.I.), told NU Online News Service that the likely administrator of the fund, Ken Feinberg, is "probably more experienced than anyone in these matters and that his challenge, as it was post-9/11, will be to develop a fair and expeditious process given the resources available."

Mr. Feinberg was the special master of the federal compensation fund established for 9/11 victims.

The American Association for Justice (AAJ), formerly the Association of Trial Lawyers of America, called for such a fund in a recent statement. AAJ president Anthony Tarricone said that BP and other corporations need to be held accountable by setting up a compensation program.

According to I.I.I., insured losses related to the Deepwater Horizon oil rig explosion and subsequent spill so far are expected to fall between $1.4 billion and $3.5 billion.

Among the announced Deepwater Horizon insured losses, Lloyd's reported $600 million in insured losses; Swiss Re, $200 million; Munich Re, $100 million; Partner Re, $70 million; Hanover Re, $53 million; Validus Re, $45 million; Catlin, $40 million; XL Capital, $30 million; Aspen, $25 million; Chaucer, $25 million; AIG, $20 million; Everest Re, $20 million; and Montpelier Re, $20 million.

BP is self-insured.

Moody's Investors Service said in a report that insurance claims will impact a number of lines, including: marine hull, marine liability, general liability, environmental/pollution liability, control of well, business interruption, directors and officers liability, and workers' compensation.