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BP and Routine vs Major Risks

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Why did BP decide to insure against routine risks, such as vehicle accidents and workplace injuries, but not against major risks, such as loss of an offshore oil platform? In light of the past three year's events, do you think this was a wise decision?

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Solution Summary

A brief discussion on why BP decided to insure against routine rather than major risks. An answer to the second question of the last several years is embedded in the answer.

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The company decided that the risks of a more routine nature were risks that could be reasonably assessed and valued making it easier to find and buy competitive insurance. Risks of the more routine type happen more often and are more likely to be controlled by safety and rule measures to minimize the amount of risk involved. With ...

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