Oil Insurance Limited (OIL) increases non-windstorm, per occurrence limit to $300 million

Oil Insurance Limited (OIL) is increasing its non- windstorm, per-occurrence limit from $250 million to $300 million in 2012.
OIL held a special general meeting on Sept. 13, at which time shareholders approved various changes to the basic property, well control and pollution coverages, as well as to the Designated Named Windstorm (DNW) program.
All proposals passed by the shareholders will take effect as of Jan. 1, 2012.
DNW per occurrence limits will remain constant at $150 million part of $250 million.
The board also set the newly split aggregation limits to $900 million for non-DNW events and $750 million for DNW events.
A mutual company, OIL has more than 50 of the world’s largest energy companies as members.