The sudden oil spill consortium was brought together to provide larger liability limit insurance coverage for deepwater drilling operations in U.S. waters. The consortium will be working alongside the oil industry to deliver coverage that is of value, and that comprises limits on a per well basis that have not been available before in the re/insurance marketplace.

Global reinsurance intermediaries Guy Carpenter and Willis Re are working alongside consortium manager Aon Benfield to generate continued support for the facility, SOSCover, which all energy retail brokers can access on behalf of their oil industry clients.

The sudden oil spill consortium is an example of the re/insurance industry working together to deliver a solution that will assist the oil industry to continue its exploration and drilling operations in U.S. waters.