The Insurance Record - May 6, 2010

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THE VOICE OF TEXAS INSURANCE RE C O R D INSURANCE

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Fallout from Fishery Class Actions to Forced Rebuilding of Marshland and Reinsurance Angst

NEW ORLEANS—It’s no longer a question of “If” or even “When,” but “Where” and especially, “How much?” That’s how the focus has shifted in the aftermath of the Transocean oil rig explosion in the Gulf of Mexico, as officials expect the spill — estimated to be the size of Rhode Island — to reach shore soon, with added concern that the underground well operated for energy giant BP may actually be disgorging up to 5,000 barrels a day, or five times earlier estimates. That translates into a gush of more than 210,000 gallons spewing into the Gulf each day.

A Lawyer’s Take on the Disaster

New Orleans energy and environmental attorney Keith
Hall has been watching events closely since the Transocean
rig exploded and sank on April 20. Hall, a partner with the
firm Stone Pigman, notes that a major source of unease now
is the potential damage the spill will have on Louisiana’s na-
tive in-shore fishing industry, especially among those mak-
ing their living from shrimp and oysters.

The Feds Call the Tune

“Under federal statutes, BP and Transocean may be liable for natural resources remediation in addition to other forms of clean-up costs,” he explained. “That could mean monetary damages or that the companies could be required to rebuild new marshland habitats along other parts of the continued on page 6

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In This Issue

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Ripped Off Both the Government & Private Insurers

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HOUSTON—Dr. Arun Sharma, 56, and Dr. Kiran Sharma, 54, both of Kemah, Texas, have been convicted of conspiring to commit health care fraud over a 10-year- period in the Southern District of Texas, United States Attorney José Angel More-no announced. The doctors were set to begin trial when they each instead opted to plead guilty to one count of conspiracy and one count of health care fraud.

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by David Surles

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The Junkies’ Friend

In entering their pleas before United States District Judge David Hittner, Arun continued on page 14

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