Do they have insurance for environmental disaster?

If models can get insurance for their legs, oil rig companies have environmental disaster insurance. I imagine it would be a requirement to drill.

...

...
http://www.marketwatch.com/story/ins...k=MW_news_stmp


also from the same article:

Not sure what the premium would be for $10 bil worth of insurance. Or if any insurance company could ever actually pay it out w/o a bailout.

They would likely lay off some of their risk after writing the policy, but I would imagine that Gen Re can and does insure things of this magnitude.

Go Go team containment dome

http://www.cnn.com/2010/US/05/07/gulf.oil.spill/

So is this contraption gonna work or not? Pretty embarassing that they didn't already have a '**** hits the fan' plan in place and were forced to come up with this on the fly.

It is embarassing they didn't just call this dude in the first place:

Is this a level?

Don't go down that rabbit hole. You've been warned.

How could it be a level? We HAVE a government that IS regulating these guys, and it's NOT required. Further, their liability in this situation is CAPPED by the regulator.

No you showed where some of the industry and activists recognized a problem and a possible solution. Norway happened to make it a law after that. Evidence now points to the logic of this safety valve & BP will implement it or something similar. The law is superfluous and unnecessary as usual.

True


edit: see also food safety, seatbelts, crumple zones, hell just watch any episode of How Its Made.

WHAT? If the law had been in place years before, as it was in Norway this disaster might not have happened in the US. How the **** is that superfluous? My head hurts.

the idea for the law originated in the private sector..... if it is a good idea it will happen. Maybe the acoustic switch concept is sound maybe it isn't nobody knows, most certainly not legislators. Clearly something should have been in place this is how we live and learn.

As others have stated ITT, if your solution is legislation how come the reams and reams of legislation we have didnt protect us?

edit: see also food safety, seatbelts, crumple zones, hell just watch any episode of How Its Made.

What kind of logic is this? The legislation was inadequate due to industry lobbying, therefore all regulation is worthless? If this rig were in Norway, where the switch is required, this accident might not have happened. How on earth is that an argument for less regulation?


Do you even know the history of seatbelts? Ralph Nader had to campaign for like 10 years to get automakers to put them in. They resisted at every turn. They didn't want the responsibility for keeping people safe. Requiring seat-belts has to be regarded as one of the greater triumphs of regulation over selfish corporate interests in recent history.

http://en.wikipedia.org/wiki/Unsafe_at_Any_Speed

Level 1 thinking itt, WOW.

Why is it not required? Fill me in since you are obv "in the know."

LOL self PWNaments you should also post up a link to The Jungle, Made in America or Bill Gates biography so that we can see that when the public overwhelmingly wants something the only option is to legislate for it.

I love the "boldly assert the opposite of what 99% of the public accepts as general wisdom" game. The Jungle had a huge impact on unsafe working and meat-packing conditions. It spurred the creation of what would become the FDA. Most of us are happy someone is trying to keep toxins and pathogens (not to mention clumsy workers) out of our food. I'm sure free market pixie dust would do it much better. But we're just fuddy duddies like that. Bird in the hand.

I forgot, the government commissioned the writing of the jungle.

http://en.wikipedia.org/wiki/The_Jungle

(+1 for freedom to be socialist under AC)

And yay, most of us are excited the the FDA is there with a big press conference every time our food is screwed up to announce they will punish and make more better regulations! Reverse chronological causation FTW!!!

=================

You can't be serious.

The big bad private auto industry? Or maybe Nader was fighting a captured Government that insulated the auto agencies from market realities?

Who knows? Obviously not you. But its clear which narrative is more suitable to the ostrich defense of "I have stupids about the economy but I'll yell and scream conflated absurdities about "evil corporate interests" and laissez-faire because that what all the other braindead sheeples think."

OMG the other ostriches think the same thing is the bestest logical fallacy ever (next to OMG I appeal to the experts and see here Krugtard said so).

Again ... the FDA and food safety regulations have jack **** to do with this.

99.9% of food processing facilities exceed government regs by light years. So basically we have another case of the public demanding something and industry responding. That costly and superfluous federal mandates exist is immaterial to the way food is handled except that it costs us extra money to pay for a system that is already in place and doing a better job.

What on earth are you talking about? It's well on record that the auto-industry fought seatbelts for many years. "Who knows?" Everyone. As did the meat-packing industry after The Jungle. It's not like we have no records of these.


Try to follow this formula:

1. Guys like Nader/Sinclair make a stink

2. Industry resists with everything they have

3. Govt either regulates or threatens to regulate

4. Things get better


Just because the govt didn't initiate the process, or that some bad things can happen before regulations come into play, does not mean the entire concept of govt regulation is flawed. That is some of the most twisted pretzel logic I've seen on here, which is really saying something.

suzzer, you should start watching How It's Made imo.

[QUOTE] Hey dont forget how Nader was a government regulator when he wrote Unsafe @ Any Speed and how seatbelts and crumple zones were pooped out of washington to save us all, and without laws no one would have ever tied to make cars anything but rolling death traps

http://en.wikipedia.org/wiki/Seat_belt

or how there are no negative externalities to thinking that keeping us safe is the job of government.

http://en.wikipedia.org/wiki/Peltzman_effect

Even without disputing that number, it only takes .1% of food-packing facilities dropping the ball to cause a major public health problem. That is the whole point of regulation, to bring the slow ponies into compliance before they can cause disaster, and to not allow the cheap-skates to gain a competitive edge by skimping on safety measures and risking stuff like environmental disaster - which may happen well outside the time window that the time the particular decision maker plans to be at the company.

FYtimeline