BOEM Increases OPA Liability Limit To $133.65 Million
Posted on Dec 12, 2014 in Energy/Environmental, Workplace Safety | Comments Off on BOEM Increases OPA Liability Limit To $133.65 Million
The Bureau of Ocean Energy Management issued a final rule yesterday that increases the limit of liability for damages caused by any Responsible Party for an offshore facility from which oil is discharged, or which poses a substantial threat of an oil discharge, as described in the Oil Pollution Act of 1990, from $75 million to $133.65 million. The agency announced that the rule adjusts the liability limit to reflect significant increases in the Consumer Price Index since the passage of the Oil Pollution Act. Importantly, the rulemaking does not affect the level of oil spill financial responsibility coverage that Responsible Parties must demonstrated for covered offshore facilities under 30 CFR Part 553, subparts B through E.
