Brazil - Insurers Face Claims of $600 Million
Friday, 11 13 2015, Category: Insurance and Reinsurance, Country: World
Insurers covering risks for a Brazilian mine where two dams burst last week, killing at least six people, could pay up to $600 million in claims, a source with direct knowledge of the matter said on Monday.
A property policy held by the dams’ owner, Samarco Mineração SA, could cover up to $90 million in related claims, said the source, who requested anonymity because terms of policies remain confidential.
A separate policy for so-called business interruption events could pay as much as $510 million if the joint venture between BHP Billiton Ltd. and Vale SA proves that it lost that much in profits, the source added.
Source: Insurance Journal