bps oil spill -insurance?, page-6

[quote]BP owns its key insurance company, Jupiter Insurance LTD, according to the company's SEC filings.

Jupiter Insurance LTD. insures the company's international oil and gas assets from a base in Guernsey, the offshore UK tax haven. It is likely located in a special purpose vehicle (SPV), which prevents BP from having to make public the firm's assets or liabilities.[/quote]



Read more: http://www.businessinsider.com/bp-jupiter-insurance-2010-5#ixzz0owrwDxB1


How on earth does that work? Does the insurance company go broke and BP isn't on the hook for anything? Crazy.