Page 20 - Full Coverage News Today : Breaking News, Live Updates & Top Stories | Vimarsana

All Guyanese, our Caribbean neighbors, and Venezuela, must now be worried sick by the Honorable VP Jagdeo’s announcing that slashing the parent company guarantee from full coverage, down to a piddly $2 Billion USD, “remains a priority”. This in-your-face sellout and betrayal of our people, not only throws out the existing legal full liability coverage which the government has so cowardly failed to enforce; but also, cold-bloodedly exposes Guyana and our neighbors to potential economic ruins, in the event of a major oil spill.Full Liability Coverage as enshrined in the permits, equals insurance plus a parent company guarantee to cover “any” costs above insurance. In mathematical parlance:Full Liability Coverage = Insurance + Parent Company Guarantee for all remaining costsThis is similar to having health or car insurance, where insurance covers a certain percentage of the bill and you have to foot the remainder. Likewise, in the case of an oil spill such as the Macondo in the

United statesDemerara mahaicaShell oilLiability companyPetroleum unitParent companySlashing parent company guaranteeFull coverageLiability coverageParent company guaranteeLimited liability companyGlenn lallMaster routledgeRed threadEnvironmental impact assessmentWorld banks plan