IHS Chemical Week

Williams expects insurance to cover Geismar cracker damage

11:04 AM MDT | June 28, 2013

Williams Partners (Williams; Houston) expects insurance to soften the financial impact of the 13 June explosion at the company's Geismar, LA steam cracker, according to a Form 8-K filed with the Securities and Exchange Commission on 25 June. Williams says it has property-damage and business-interruption coverage with a combined per-occurrence limit of $500 million; deductibles of $10 million per occurrence for property damage; and a 60-day waiting period per occurrence for business interruption. The company also has general liability coverage with per-occurrence...

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