QBE has been the lead insurer of Syndicate 1036 for nearly 15 years and this syndicate specialises in oil rigs.
The premium paid by Transocean was on an agreed amount of $500m. A claim was presented for this amount, a cheque sent for this amount and now the file would be closed.
The insured (Transocean) can do whatever they like with the $500m, buy another rig, give it to shareholders, send it to the Obama administration, but parties cannot claim more than the maximum insured amount.
.....something that you cant disregard.
Pep
QBE has been the lead insurer of Syndicate 1036 for nearly 15...
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