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Oil Insurance to increase per-occurrence limit to $400 million

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Oil Insurance Ltd. will increase its per-occurrence limit from $300 million to $400 million and its event aggregation limit from $900 million to $1.2 billion, the insurer said Tuesday.

The changes were decided at OIL’s most recent board of directors meeting and will be effective on Jan. 1, 2015, the Hamilton, Bermuda-based company said in a statement.

Members have until Jan. 1, 2017, to switch to the $400 million limit to allow for the adoption of the additional $100 million limit into their insurance programs, according to the statement.

The increase was supported by a significant majority of members who requested the increase in a membership survey, OIL President and CEO Robert D. Stauffer said in the statement.

“Our members were clear that an increase in limits would be very helpful in their quest to keep pace with the significant investments they are making in oil and gas projects around the world,” Mr. Stauffer said. “It is not uncommon for our members to invest in $10 (billion to) $40 billion projects, and our ‘All Risks’ policy can seamlessly and directly take them through the construction phase and into operation without the concern of coverage challenges.”

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