The oil Companies in Britain will have to bear double payment for third-party costs due to the pollution caused by the massive oil spilling in the Gulf of Mexico.
In the United Kingdom, in case of any failure of the oil installation plants, individual organisations are held responsible for the damage and pollution caused by the leakage of oil.
As such, there is no governmental pressure to clear their liabilities. But, in case they are unable to pay for the losses, the rest of the industry assures to deal with losses and also compensates the public authorities as per the voluntary industry agreement.
It is worth mentioning that in the United Kingdom, the present liability limit is $120 million for a single such incident and the UK Oil and Gas authority is thinking of increasing the amount to $250m (_196 million, £160 million) after the BP oil spill in the Gulf region.
One of the insurance and compensation review group is also trying to come up with some new alternatives to deal with any future oil spill problems. The group is also evaluating the country's oil spill response capability.
BP, on the other hand, is also trying to find out a way to close the Gulf leak.
Around 220 million gallons of oil got leaked from the oil plant in the Gulf of Mexico posing a threat to environment and the life in underwater.
As per the Department of Interior and National Oceanographic and Atmospheric Administration estimate, around 25% of the oil has naturally evaporated or dissolved. So there is nothing to worry about.
- Inquest into Death of Dylan Crean, 3, Finds Communication Failings between Agencies
- Denise Welch Shares Her Experience during Fight against Depression
- Toy Car Helps 16-Year-Old Girl Recover of Paralysis
- Lack of Support Makes Carers in Scotland Fail in Relationships
- Vodafone pays no corporation tax in UK for second consecutive year, despite earning over £5bn