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Post by waztec on Jul 5, 2010 7:46:02 GMT -8
As interesting as the conversation about government size and the history of WW2 is, it does not address the original point. How does a small government, that can not do anything as well as private industry(according to the conservatives), react in a disaster like this one? Conservatives can not ask for a small government if they are going to call on government to act in big disasters. That requires big government. You can't have it both ways. I just love these left-wing navel gazing, "gothca" type arguments. How about all you big government types explain to all us small government types why it is that the huge bloated government we have now has been so feckless and ineffectual in response to this and other "crises" of the moment. Further; please enlighten us is to how much bigger the government has to be before it becomes competent. If the government controls literally everything and enforces a 100% tax rate will it then be ultimately competent? No body matches the conservative stylings of afan. Nobody! Be truthful, afan. You have no problem with the government, you just don't like taxes. |
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Post by Yoda on Jul 7, 2010 19:31:23 GMT -8
Well I have been underwriting property and casualty insurance for 32 years and I can say with certainty one thing: Property and Casualty insurance doesn't apply here.
I have several professional designations but this is Ocean Marine and that is a specialty all to itself. I would guess that less than 1% of all insurance underwriters know diddly squat about Ocean Marine Insurance and, for the record, I am not one of that 1%. In fact, probably less than 1% of Ocean Marine underwriters really understand the insurance indications of this spill as most of Ocean Marine is concerned with shipping -- Hull Coverage, Cargo Coverage, Protection & Indemnity, etc. This is a very narrow subject area that deals with Environmental Liability (including containment and clean up costs) faced by the Oil & Gas Industry while operating at sea.
That said, I am given to understand is that some of the companies involved in this had coverage -- the drilling equipment and platform was probably covered, for example. But I have also heard -- not sure if it is true -- that BP was self insuring pretty much all of their exposures -- containment costs, cleanup and third party damages. That's why they have allocated $20 bil and are supposedly (quietly) looking for another $30 bil.
Yoda out...
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