The Exxon insurance contract sets a limit of $500 million for each individual incident

The government has released an insurance contract for ExxonMobil Guyana Limited (EMGL), raising further questions about coverage for a possible oil spill and other matters.

In the Official Gazette dated May 11, 2024, the policy of ExxonMobil with the British insurance company Aon was published under the policy number ENOFC2400258, which is valid for the period from February 1 of this year to February 19, 2025, and it is noted that the policy subject to the following provisions: and construed in accordance with the laws of England and Wales.

The policy clarifies that the limit is “US$100,000,000 (for) each and every accident or incident relating to liability to third parties” and “US$500,000,000 (for each and every accident or incident relating to the additional costs of the operator).