Liability Risk and Insurance
Puerto Rico oil spill settlement
US$83.5mn is to be paid by Caribbean Petroleum, MetLife Capital and Water Quality Insurance Syndicate to the US and Commonwealth
of Puerto Rico for cleanup of a 1994 800,000-gallon oil spill from a barge. This includes damages for fishers, hotels and
small businesses, the natural resource trustees of the US and Puerto Rico for injuries to natural resources, assessment costs
and Puerto Rico’s economic claims.